Many Wall Street bears have retreated in the face of this year's blistering stock rally. The few that remain see a steep correction on the horizon.

U.S. stock indexes are drifting Thursday following some potentially discouraging data on the economy. The S&P 500 slipped 0.1%, potentially on track for its third loss in the last four days. That would count as a stumble amid a big rally that’s carried the index toward the close of one of its best years of the millennium.

Broadcom will report fourth-quarter earnings after the market closes on Thursday, with analysts overwhelmingly bullish on the chipmaker's prospects.