Market Caution Hits High-Valuation Stocks, Wynn Resorts, Funko, Caleres, E.W. Scripps, and Sonos Shares Fall

Several stocks, including Wynn Resorts, Funko, Caleres, E.W. Scripps, and Sonos, fell in the morning session due to increased caution over high valuations following an AI-driven rally. Investors engaged in profit-taking, concerned about stretched valuations in high-growth technology companies. Market leaders at Goldman Sachs and Morgan Stanley warned of a potential correction in the equity markets over the next couple of years.