Investors like stock splits because they typically follow sizable and sustained share-price appreciation, which is often a hallmark of competitively advantaged businesses. Indeed, stocks that split since 1980 have beat the S&P 500 (SNPINDEX: ^GSPC) by an average of 13 percentage points in the year following the stock-split announcement.

Wall Street’s record-setting rally is due for a reality check, according to the latest report from Stifel’s Barry Bannister and Thomas Carroll.

NEW YORK — Most stocks fell on Wall Street Thursday after a disappointing report said inflation was worse last month at the U.S. wholesale level than economists expected. But gains for Amazon and some other influential Big Tech companies helped mask the losses.