Stock Rotation Lifts Small Caps to Three-Year High: Markets Wrap
- Most big techs retreat, though Nvidia climbs after selloff
- Morgan Stanley, United Airlines surge after solid earnings
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Stock traders kept driving a rotation out of the megacaps that have powered the bull market and into other corners of Wall Street.
Economically sensitive shares outperformed, with the Russell 2000 of smaller firms hitting the highest in almost three years. Most big techs fell, though Nvidia Corp. jumped 3.1%. An equal-weighted version of the S&P 500 — where the likes of Apple Inc. carry the same heft as Dollar Tree Inc. — beat the US benchmark. That gauge is less impacted by the largest companies — providing a glimpse of hope the rally will broaden out.