The S&P 500 has declined about 2.4 % over the past eight sessions, yet many investors view this pull‑back as a healthy correction rather than a turn of the cycle. Key drivers include elevated tech and AI valuations, but underlying economic strength and substantial business investment continue to support the rally. Market‑watchers warn that over‑reaction could be a bigger risk than the weakness itself, highlighting the nuanced nature of the current optimism.