S&P 500 hits another record high but “it can't get better than this”

Markets were mostly little changed on Tuesday.

The S&P 500 hit a record high for the third consecutive day while the STOXX Europe 600 and the Nikkei 225 were flat.

“In the short run, the market is a momentum machine, and this is being clearly demonstrated as the U.S. market diverges from Europe, leaving the FTSE and others trailing far behind,” said Chris Beauchamp, chief market analyst at IG, in a note.

Beauchamp added that “those looking for gains will keep their money stateside”.

Indeed, Bob Pisani at CNBC noted that global markets have “notably underperformed” the US market while the rally in the US “is broadening”.

However, Michael Wilson, the chief US equity strategist at Morgan Stanley, is unconvinced.

“Over the past two months, the U.S. equity market has moved decidedly more defensive and value is showing more persistent performance versus growth,” he wrote in a note. “The market seems to be (rightly in our view) worried about growth slowing later this year and next.”

Peter Toogood, chief investment officer at Embark Group, was more emphatic.

“It can't get better than this, absolutely can't get better than this,” he said on CNBC. “You don't buy here, you will not make long-term money out of investing today from these levels. Period."