Santa Monica, CA - Throwing a bucket of cold water at a stock market rally.

“Our information has not cleared your portfolio and cashed in. Our information is not yet certain. Now, there is a lot of uncertainty in our information. We have seen soft data, but there is not a lot of hard data yet, but Andy Sieg, head of Wealth, told Milken Institute Global Global Conference in Autchened Buncertion Yahooance.

Sieg noted that “there are a lot of downturns (income) revisions as we have seen for a long time”. His team is looking for additional information before buying more risky assets.

"We generally think that in the next few months, the market will maintain trading scope here until some of these things become more visible," he added.

Sieg oversees Citi's global wealth business, with more than $1 trillion in customer assets and 13,000 employees.

In the past two weeks, first-quarter earnings reports from Meta (Meta), Alphabet (GOOGL) and Microsoft (MSFT) have brought technology heavy duty Nasdaq composites (^I tocie) to a 13.5% increase in the past month. Despite Apple's (AAPL) warning, Trump's tariffs will hit a cost base of $900 million.

On Monday, the S&P 500 snatched a nine-day winning streak. It marks the longest winning streak in stocks dating back to 2004. The Dow Jones Industrial Average (^DJI) also ended its nine-day winning streak, the best since 2023.

However, all three major indices were negative, with the Nasdaq dropping by 8.5%.

"I think there are two reasons (rally)[rally]," Nouwen Chief Investment Officer Saira Malik told Yahoo Finance at the Milken Academy Global Conference. "First, when markets tend to fall rapidly, they actually recover quickly. So history does repeat. Second, I think 'liberation day' is the peak pain of tariffs, and since then we've seen a lot of negotiations, and I think the market is starting to appreciate that."

As for Sieger's wealth business at Citigroup, it was in a strong first quarter due to a strong market ahead of April's "Liberation Day". The sector's revenue was $2.1 billion, resulting in 30% net interest income. Clients invested assets to acquire $16.5 billion in net new investment assets, totaling $595 billion. Operating expenses are flattened year by year.

Whether Sieg can maintain momentum amid rising market volatility is a debate. The background is that wealthy investors may think twice before allocating more funds to private and public markets.