The S&P 500 bounced around the flatline in afternoon trading, giving up a small gain from earlier in the session. The Dow Jones Industrial Average and Nasdaq Composite also waffled. The blue-chip index was recently up 12 points, or less than 0.1%, while the Nasdaq slipped 0.2%.
Communication, consumer discretionary and material stocks all dragged the market lower as investors gravitated again toward the reopening trade and energy sector.
The market's more seismic moves were concentrated around a handful of stocks popular with individual investors, including
The major indexes, which are hovering close to all-time highs on the back of unprecedented fiscal and monetary support, are struggling for traction this month as investors look for ways to justify the high valuations already commanded by many stocks. On Tuesday, manufacturing data pointed to an expansion in factory activity driven by demand for goods, but also highlighted growing supply bottlenecks.
"Investors are much more anxious as we enter the midpoint of the year," said