After a second consecutive weekly decline for the benchmark index, market analysts point to select stocks trading at levels historically associated with a bounce.
Traders are weighing the possibility of a new rate-hiking cycle as the Federal Reserve prepares to announce its latest policy decision, according to CNBC.
Prominent Wall Street strategist Ed Yardeni trimmed his stock market forecast, citing a sharp rise in bond yields that is unsettling even the most bullish investors, CNBC reported.
CNBC reports the "Magnificent Seven" tech stocks are helping limit the broader market's decline this week.
U.S. stocks pulled back from earlier losses Monday, with the S&P 500 trading off its worst levels as concerns over interest rates and oil prices moderated, CNBC reported.
Stocks retreated Friday even after a Thursday rally that followed the Federal Reserve's first rate hike in three years, according to CNBC.
The bank's more optimistic outlook for U.S. stocks comes as corporate profit growth remains a key driver of market sentiment, according to CNBC.