Shares in the U.S. only moved slightly on Thursday despite the stream of earnings releases on the day and the days before. The disappointment from the Federal Reserve’s failure to provide a firm commitment on the next interest rates review appeared to live on among investors, thus tepid movement in stocks.

But it also appears that fatigue is catching up with stocks after a string of upward trading days in recent weeks that saw the Industrial Average 2 Minute (INDEXDJX:.DJI) attain record highs in quick succession this past week.

Stocks have already recouped the losses they suffered following the decision by the U.K. to pull out of the European Union. Those gains have propelled major equity indices to new highs, but that is where the problem seems to lie: the indices may have exhausted their upside potential for this year.

Besides the solid rise of stocks so far in 2016, the stream of mixed earnings is also not inspiring further rallies.

Risks have diminished

Concerning the health of the economy, the Fed appeared to assure investors that near-term economic risks have subsided. But not everyone seems to be taking the Fed for its word yet, especially after it failed to clearly state when or whether it will raise interest rates this year. Many analysts are predicting that the Fed could act as soon as September, but that action will largely depend on the quality of economic data that will be reported between now and September, and that can always change.

Uncertainty surrounding interest rate pathway has contributed to cautious trading, thus the loss of steam in the stocks.

How the indices moved

The Dow pulled back 0.1% after shedding 15.82 points to end the day at 18456.35. The blue-chip index is easing after a series of record closing in the early part of July that helped it more than recoup losses triggered by Brexit.

The (INDEXSP:.INX) rose 0.2% after gaining 3.48 points to close the day at 2170.06. The broader index has been rattled in the recent times by mixed corporate earnings.

The (INDEXNASDAQ:.IXIC) jumped 0.3% after adding 15.17 points to close the day at 5154.98. Gains in the index were largely supported by stronger earnings from Facebook Inc (NASDAQ:FB) that were released late on the previous day.