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S&P 500 at 7,520 and Dow at Record 50,644 — Bank of America Warns of 'Summer Pullback' Risk as Chip Stocks Cap Wednesday Gains

The S&P 500 closed at a record 7,520.36 and the Dow Jones Industrial Average set a new all-time high at 50,644.28 on Wednesday, May 27, powered by a 5.55% single-session drop in WTI crude oil on a — later denied — Iranian state media report of Hormuz restoration. Bank of America strategists are now warning investors to begin preparing for a summer pullback, citing stretched valuations and the observation that 'U.S. stocks may be running out of room' after a relentless post-war rally in which Intel and Micron have each tripled year-to-date.