Small caps have nearly caught up to the S&P 500: Morning Brief

Yahoo Finance07-31

This is The Takeaway from today's Morning Brief, which you can sign up to receive in your inbox every morning along with: The chart of the day What we're watching What we're reading Economic data ...

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Tech stocks led the S&P 500  lower Tuesday as the Nasdaq 100  closed at the lowest level since early June.It was the fourth day the tech-heavy index lost 1.5% or more in the month of July, especially notable as there had not been any losses of that magnitude in the two prior months.Ahead of June's Consumer Price Index reading on July 11, the Nasdaq 100 had been up 23% year to date. But after the CPI registered its first monthly drop in inflation since 2020, investors kicked off a stomach-churning rotation from large stocks into small.Since then, the Nasdaq has surrendered half those gains, sending many investors into relative shock upon learning that the laggard Russell 2000 index  has nearly caught up to the volatile index known as home to the largest tech players.Read the latest financial and business news from Yahoo Finance","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{".IXIC":"NASDAQ Composite","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1",".SPX":"S&P 500 Index","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","NVDA":"英伟达","LU0106831901.USD":"贝莱德世界金融基金A2","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","SQQQ":"纳指三倍做空ETF","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","SPY":"标普500ETF","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","GOOG":"谷歌","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","TSLA":"特斯拉","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","AAPL":"苹果","AMZN":"亚马逊","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","GOOGL":"谷歌A","FNGU":"MicroSectors FANG+ 指数每日三倍做多 ETN","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","BK4127":"投资银行业与经纪业","QID":"纳指两倍做空ETF","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","TQQQ":"纳指三倍做多ETF","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","LU0109391861.USD":"富兰克林美国机遇基金A Acc","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","BK4534":"瑞士信贷持仓","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","NDX":"纳斯达克100指数","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","XLK":"高科技指数ETF-SPDR","META":"Meta Platforms, Inc.","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","QLD":"纳指两倍做多ETF","LU0082616367.USD":"摩根大通美国科技A（dist）","VOO":"Vanguard标普500ETF","MSFT":"微软","PSQ":"纳指反向ETF","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","GB00B4QBRK32.GBP":"FUNDSMITH EQUITY \"R\" (GBP) INC","GB00B4LPDJ14.GBP":"FUNDSMITH EQUITY \"R\" (GBP) ACC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC"},"translate_title":"小盘股几乎赶上了标普500：早间简报","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{".SPX":1,"XLK":1,"VOO":1,"SPY":1,"META":0.9,"AAPL":0.9,"TSLA":0.9,"MSFT":0.9,"AMZN":0.9,"GOOG":0.9,"GOOGL":0.9,"NVDA":0.9,"NDX":0.7,".IXIC":0.68,"QID":0.6,"TQQQ":0.6,"SQQQ":0.6,"QLD":0.6,"PSQ":0.6,"FNGU":0.6,"MNQmain":0.6,"NQmain":0.6},"content_text":"This is The Takeaway from today's Morning Brief, which you can sign up to receive in your inbox every morning along with:\n\nThe chart of the day\nWhat we're watching\nWhat we're reading\nEconomic data releases and earnings\n\nTech stocks led the S&P 500 (^GSPC) lower Tuesday as the Nasdaq 100 (^NDX) closed at the lowest level since early June. \nIt was the fourth day the tech-heavy index lost 1.5% or more in the month of July, especially notable as there had not been any losses of that magnitude in the two prior months.\nAhead of June's Consumer Price Index reading on July 11, the Nasdaq 100 had been up 23% year to date. But after the CPI registered its first monthly drop in inflation since 2020, investors kicked off a stomach-churning rotation from large stocks into small.\nSince then, the Nasdaq has surrendered half those gains, sending many investors into relative shock upon learning that the laggard Russell 2000 index (^RUT) has nearly caught up to the volatile index known as home to the largest tech players.\n\"[I] didn’t have [the] Russell 2000 catching the Nasdaq 100 year-to-date on my bingo card to start this month. Getting close,\" wrote Jay Woods, chief global strategist at Freedom Capital Markets and former NYSE floor governor.\nThe Russell 2000 is now sporting a better return this year than the artificial intelligence-fueled S&P Select Tech SPDR Fund (XLK) — and it's only a few points away from catching the S&P 500.\nIn the month of June alone, the Nasdaq outperformed the Russell 2000 by over 7 percentage points. Then, in July, the relationship violently inverted such that the Russell outperformed the Nasdaq by nearly 14 percentage points. It's the biggest month-to-month flip in leadership that we have data for, going back to 1988.\nThe narrative in the press followed the rotation as grave concerns over market concentration in the Magnificent Seven gave way to a small-cap miracle rally.\nTo be clear, sector rotation is a healthy feature of bull markets. When a leading group of stocks takes a back seat, other pockets of the market should take their place such that — at the index level — volatility is subdued. Extremes on either side average out.\nBut, given the speed and strength of the recent move, Wall Street is now assessing the damage to institutional portfolios. \nAccording to Morgan Stanley's derivatives team, \"volatility of the last two weeks started out being very rotational.\" \nHowever, as the move gained steam, institutions began reining in leverage (borrowed money) and reducing directional bets on stocks. \"What began as a de-grossing event has quickly turned more towards a shift in directional exposure to equities,\" the team continued.\nAll of this, and there's still a Fed meeting later today and a Meta quarterly report to close July. Buckle up.\n\n\n\n\nClick here for the latest stock market news and in-depth analysis, including events that move stocks\nRead the latest financial and business news from Yahoo Finance","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"economic","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2455902020"}