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Home Markets Stock Market

Small Caps: The Top Trend in the Stock Market Continues to Rise on Tuesday

Yun Li by Yun Li
July 16, 2024
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Small Caps: The Top Trend in the Stock Market Continues to Rise on Tuesday
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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 tear right now as they took the baton from megacap technology shares last week to lead the bull market on hopes interest rate cuts will broaden out the economic recovery to their benefit.

The Russell 2000 index, the benchmark for the group, rose 1% Tuesday, after hitting its highest level since January 2022 on Monday. If the index rises another 1% Tuesday, it will be the fifth time since 1979 that it has had a five-day streak of gains north of 1%, according to Bespoke Investment Group.

The small cap benchmark is up more than 10% over the last one month, nearly triple the gains in the S&P 500.

Stock Chart IconStock chart icon

Russell 2000

Fundstrat’s Tom Lee, who’s been correctly calling the stock market for the past few years, said the rally in small caps could last for more than two months, seeing dramatic gains for this cohort.

“We think this move could be something like 10 weeks and as much as 40%. I think it is just starting,” Lee said Monday on CNBC’s “Closing Bell: Overtime.”

Market rotation

Investors are rotating into previously unloved corners of the market as cooling inflation data last week fueled bets that the Federal Reserve could cut interest rates soon and skirt a recession. Small caps are typically more sensitive to fluctuations in the economy and market sentiment and could see outsized benefit from falling rates.

Moreover, the group is gaining traction as the “Trump trade” among investors, seen as potential beneficiary of a win by former President Donald Trump in November.

While Trump does not have detailed policy proposals for a second term, but hiking tariffs while lowering taxes and regulation could be a boost for domestic stocks, including small caps, according to Goldman Sachs chief U.S. equity strategist David Kostin.

Trump’s betting market odds of winning the election have steadily climbed in recent weeks since the debate against President Joe Biden in June and his survival of an assassination attempt over the weekend.

For more trending news articles like this, check out DeFi Daily News.

Conclusion

In conclusion, the surge in small-cap stocks is indicative of a broader market rotation and changing investor sentiment. With hopes of interest rate cuts and a potential Trump re-election boosting confidence, small caps are outperforming other market segments. Fundstrat’s Tom Lee predicts significant gains in this area in the coming weeks, providing an opportunity for investors to capitalize on this momentum.

As the market continues to shift, staying informed with resources like DeFi Daily News can help investors navigate these changes and make informed decisions for their portfolios.



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