Wall Street is shouting new highs, but they're cutting ratings behind the scenes—I've seen this script before.

According to reports, the U.S. stock market is expected to continue reaching new highs, but Wall Street analysts are not rushing to follow the rally, continuing to downgrade the ratings of S&P 500 components. The proportion of buy ratings in the Russell 3000 index is roughly the same as four years ago, well below the peak during the internet bubble, which is seen as a sign that market sentiment has not yet reached extreme exuberance. Andrew Greenbaum stated that there are no obvious signs of buying among sellers at the moment.