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Capital isn’t scarce, vision is.” – Sam Walton
Small-cap stocks are looking to continue a big streak today with the Russell 2000 looking to extend its current winning streak to seven straight days. Right now, the streak’s prospects aren’t looking great as Russell 2000 futures, along with the Nasdaq, are marginally lower as Treasury yields rise.
The economic calendar is quiet today with Empire Manufacturing the only major report on the calendar. While consensus estimates called for a headline reading of 13.0, the actual print came in at 17.4, which was the highest level since October 2018.
Be sure to check out today’s Morning Lineup for updates on the latest market news and events, including a recap of moves in the rates market overnight, an update of moves in the Asian and European market, Chinese economic data, an update on the latest national and international COVID trends, including our series of charts tracking vaccinations, and much more.
Below, we show the intraday charts of the S&P 500, Nasdaq 100, Russell 2000, and the Philadelphia Semiconductor Index (SOX) over the last four weeks. For the first three indices, last week was a big one as they put an end to their streaks of lower highs last week. The one outlier was the SOX. It too rallied last week but not by nearly enough to break its own downtrend. For an index that historically acts as a leading indicator for the broader market, the relative underperformance of the SOX isn’t ideal.