Deutsche Bank Flags S&P 500 Breadth Gains Despite Tech Wobbles and BofA Sell Signals

On June 5 Deutsche Bank reported improving S&P 500 breadth, with more stocks above 50-day averages, framing recent weakness as rotation into financials, industrials and energy. This follows sharp warnings earlier in the week: BofA raised its Bull & Bear Indicator to 8.5 after noting only 4% of constituents at new highs and 29x valuations, while Deutsche flagged 1987-style risks from the 16% April-May rally amid weakening consumer data. Wells Fargo urged investors to stay invested through volatility, citing repeated historical recoveries. BofA also warned that $6 trillion in new household equity wealth is fueling a wealth-driven inflation spiral.