The S&P 500 Index has likely logged most of the gains it will see this year as investors are growing increasingly nervous about the stock market’s rich valuations, according to the latest Bloomberg Markets Live Pulse survey.

After the biggest loss for 60/40 portfolios since the global financial crisis, better days may lie ahead for the trillion-dollar complex of balanced investment strategies.

A sober warning for Wall Street and beyond: The Federal Reserve is still on a collision course with financial markets.