Recent market dip, not a full pullback? U.S. equity benchmarks retraced ~3–4% from all‑time highs in early June, driven by rising bond yields, cooling inflation data, and rotation into value and cyclicals
The S&P 500 ETF (SPY) dipped sharply but remains within 5% of recent highs—typically still within bull‑market territory, not a confirmed correction (‑10%+) .
Bond yields nudged above 4.5%, prompting tech investors to lock in gains, while cyclicals and small‑caps show relative strength .
Traders are watching key support around the 50‑day moving average; a break below could signal deeper pullback, but current bounce suggests buyers remain active .
Analysts say this is likely a healthy market consolidation—allowing earnings to catch up, sentiment to stabilize, and technicals to reset—rather than the start of a bear market . A modest pullback is underway—a normal mid‑cycle pause rather than a full correction. Bull case remains intact if support holds and economic data stays solid.