Even Wall Street bulls are worried about a stock-market pullback after dazzling second quarter

Price Action

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Even bullish investors are worried about a stock-market pullback after the S&P 500 surged 14% in the second quarter, its best quarterly performance since June 2020. The Nasdaq composite is on track for a nearly 20% quarterly gain, while the PHLX Semiconductor Index soared more than 80%, its best quarter on record. Korean chip giants Samsung Electronics and SK Hynix jumped 93% and 225.7% respectively, though they are not in the SOX index. Analysts sharply raised second-quarter earnings estimates, with the S&P 500 expected to post 23.1% growth, but strategists warn that quarter-end rebalancing, high leverage, and Federal Reserve uncertainty could trigger a pullback of 5% to 20%.