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The bubble in the market's most-hyped stocks could burst, but that means the rest of the market stands to gain, Richard Bernstein said.
US stocks remained divided Wednesday with the Dow Jones taking a tumble while the Nasdaq Composite and Standard and Poor 500 closed at record highs
The Federal Reserve held interest rates steady on Wednesday and pushed out the start of rate cuts to perhaps as late as December, with officials projecting only a single quarter-percentage-point reduction for the year amid rising estimates for what it will take to keep inflation in check.
Investors are coming off a busy session that included the Federal Reserve's latest rate decision and a cooler-than-anticipated May consumer inflation print.
The May CPI came in cooler than expected this morning, raising hopes of rate cuts to come later this year. Stocks are up big on the news.