Yawn.

For the 32nd consecutive day, the S&P 500 failed to close higher or lower by more than 1 per cent, marking the longest streak of such mild performances in two years.

The S&P 500 finished the day 0.2 per cent higher at 2,186.9 on Monday, hovering near record levels, led by a rally in shares of US homebuilders and energy stocks.

Even though the benchmark index has notched 10 fresh closing record highs since July 11, it has traded in a fairly slim 62.09 point range over that time.

The muted trading comes as volume remains thin over summer holidays and as investors sit on the sidelines ahead of Federal Reserve chair Janet Yellen’s speech at the Kansas City Fed’s annual Jackson Hole Symposium this week.

However, analysts at Bank of America warn that “as the market grinds higher, we continue to see elevated risk of correction”.

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