The Globe and Mail reports in its Monday, June 19, edition that the S&P 500 is pulling once doubtful investors back into the market. A Reuters dispatch to The Globe reports that Many who had whittled down stock holdings during 2022's painful decline are shifting gears. Northwestern Mutual Wealth Management manager Matt Stucky believes market sentiment has soared too quickly. Mr. Stucky believes the Fed's rate hikes are likely to bring on a mild recession late this year or in early 2024. The Fed left rates unchanged earlier this week but said more increases may be necessary this year. He says: "You're starting to see quite a bit of evidence that investors are chasing this rally. ... We're starting to take a little bit off the table." Others, however, believe the rally has room to run. One encouraging signal is that a greater number of S&P 500 stocks are heading higher, in addition to the handful of mega-cap growth names such as Microsoft and Nvidia that led gains this year. Small caps and industrial shares -- long-time laggards -- have outperformed so far this month, for example, while the number of S&P 500 stocks trading above their 200-day moving average rose to two-month highs this week.