The stock market rally has run its course as earnings highlight weakening consumer demand, strategist says

• US stocks are near highs for 2023, but the rally looks set to fade, the CIO of Blanke Schein Wealth Management said. 
• Investors should avoid a "buy-the-dip mentality" amid shaky earnings and a murky outlook for interest rates. 
• The S&P 500 has risen 19% from its bear-market low. 

Large-cap US stocks are hovering near their highs for 2023, but the market's upside momentum is losing steam as corporate earnings underscore a slump in consumer spending, according to the top strategist at a $500 million investment firm. 

Now "is not a time for investors to return to a buy-the-dip mentality, as there is still too much uncertainty over the Fed's interest rate trajectory and how corporate earnings will fare in this elevated interest rate environment," Robert Schein, chief investment officer of Blanke Schein Wealth Management, said in a note published Thursday.