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Small caps are the hottest stocks in the stock market right now and they're up again on Tuesday.
Traders work on the floor of the New York Stock Exchange (NYSE) on July 11, 2024 in New York City.
Spencer Platt | Getty Images
Small-cap stocks are on a roll right now, as they took over from large-cap tech stocks last week to lead the bull market on hopes that interest rate cuts will broaden the economic recovery to their advantage.
THE Russell 2000 IndexThe group's benchmark index, jumped 2% on Tuesday, after hitting its highest level since January 2022 on Monday. If the index rises another 1% on Tuesday, it will be the fifth time since 1979 that it has had a five-day streak of gains above 1%, according to Bespoke Investment Group.
The benchmark small-cap index is up 11% over the past month, nearly triple the gains of the S&P 500.
Russell 2000
Fundstrat's Tom Lee, who has been correctly predicting the stock market for the past few years, said the small-cap rally could last more than two months, with spectacular gains for that cohort.
“We think this move could last about 10 weeks and go up to 40%. I think it's just getting started,” Lee, head of research at Fundstrat, said on CNBC's “Closing Bell: Overtime” Monday.
Market rotation
Investors are turning to previously unpopular sectors of the market. Last week’s cooling inflation numbers fueled bets that the Federal Reserve could soon cut interest rates and avert a recession. Small caps are typically more sensitive to swings in the economy and market sentiment and could benefit significantly from lower rates.
Additionally, the group is gaining popularity among investors as the “Trump trade,” seen as a potential beneficiary of a victory by former President Donald Trump in November.
Although Trump has no detailed policy proposals for a second term, increasing tariffs while cutting taxes and regulations could boost domestic stocks, including small caps, according to David Kostin, chief U.S. equity strategist at Goldman Sachs.
Trump's chances of winning the election have steadily increased in recent weeks since the debate against President Joe Biden in June and his survival of an assassination attempt this weekend.
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Sources 2/ https://www.cnbc.com/2024/07/16/small-caps-are-the-hottest-trade-going-in-the-stock-market-right-now-and-theyre-up-again-tuesday.html The mention sources can contact us to remove/changing this article |
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