Shares have bounced back in Asia after Wall Street got a boost from upbeat economic updates and a steady flow of quarterly reports from U.S. companies.

Stock valuations — seen by many as flying too close to the sun — took a hit on Tuesday after a chorus of bank execs spoke up to throw their weight behind that view. Chief among them were Morgan Stanley CEO Ted Pick and Goldman Sachs CEO David Solomon.

CEOs of Wall Street heavyweights Morgan Stanley and Goldman Sachs on Tuesday cautioned that equity markets could be heading toward a drawdown, underscoring growing concerns over sky-high valuations.

The Standard & Poor’s 500 rose 0.2% and pulled closer to its all-time high set last week, even though the majority of stocks in the index sank. The Dow Jones industrial average dropped 226 points, or 0.5%, and the Nasdaq composite climbed 0.5%.

Even though Berkshire Hathaway has lagged behind the broader market over the past year, Wall Street analysts remain moderately optimistic about the stock’s prospects.

Palantir has seen demand for its software soar in recent quarters, and that’s translated into enormous revenue growth. The company also has done an outstanding job of balancing revenue growth with profitability.

Wells Fargo said it thinks investors should be trimming exposure to tech stocks and adding to select areas of the market on down days.

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As Americans have raised concerns about rising prices, a possible recession, a cooling labor market and an ongoing government shutdown in recent months, economists have warned the U.S. economy may be “K-shaped,” with spending trends becoming divided among low- and high-income consumers.

Wall Street's main indexes inched higher on Wednesday, after a stronger-than-expected private payrolls report and an ongoing court hearing on U.S. tariffs buoyed investor sentiment, while technology stocks steadied following a sharp sell-off.