{"id":19079,"date":"2023-06-06T18:09:48","date_gmt":"2023-06-06T22:09:48","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/nasdaq-closes-at-14-month-high-as-small-cap-stocks-rally\/"},"modified":"2023-06-06T18:09:48","modified_gmt":"2023-06-06T22:09:48","slug":"nasdaq-closes-at-14-month-high-as-small-cap-stocks-rally","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=19079","title":{"rendered":"Nasdaq closes at 14-month high as small-cap stocks rally"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002142079\" role=\"document\">\n<p>The S&amp;P 500 closed Tuesday at its highest level in 10 months and the Nasdaq Composite finished at a 14-month high, as investors wait for May inflation data due next week, just ahead of the Federal Reserve\u2019s June policy meeting. <\/p>\n<h2>How stocks are trading<\/h2>\n<ul class=\"articleList\">\n<li>\n      The S&amp;P 500<br \/>\n        SPX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210599714\/realtime\" class=\"positive\">+0.24%<\/bg-quote><br \/>\n       ended up 10 points, or 0.2%, at 4,283.85, the highest close since August 16, 2022.<\/p>\n<\/li>\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598065\/realtime\" class=\"positive\">+0.03%<\/bg-quote><br \/>\n       gained 10 points, or less than 0.1%, to 33,573.<\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598365\/realtime\" class=\"positive\">+0.36%<\/bg-quote><br \/>\n       closed up 47 points, or 0.4%, at 13,276.42, the highest close since April 20, 2022.<\/p>\n<\/li>\n<\/ul>\n<p>On Monday, the Dow Jones Industrial Average fell 200 points, or 0.59%, to 33,563, the S&amp;P 500 declined 9 points, or 0.2%, to 4,274, and the Nasdaq Composite dropped 11 points, or 0.09%, to 13,229.<\/p>\n<div class=\"paywall\">\n<h2>What\u2019s driving markets<\/h2>\n<p>Stocks traded up on Tuesday even though there was a dearth of fresh catalysts for traders to feed off of, with no U.S. economic data or company results of note due during the session and no Federal Reserve speakers ahead of the central bank\u2019s June policy meeting, which starts next Tuesday. <\/p>\n<p>The Fed will decide at its meeting whether to pause or again raise its benchmark interest rate. <\/p>\n<p>The Labor Department will release its May inflation report next Tuesday as the Federal Open Market Committee kicks off its meeting.  <\/p>\n<p>The small-cap Russell 2000 index\u00a0<br \/>\n        RUT,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598147\/delayed\" class=\"positive\">+2.69%<\/bg-quote><span>,<\/span><br \/>\n       which is made up of the smallest 2,000 companies in the broader Russell 3000\u00a0<br \/>\n        RUA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598149\/delayed\" class=\"positive\">+0.46%<\/bg-quote><br \/>\n      \u00a0by market capitalization, was up 2.7% on Tuesday, its highest close since March 9, according to Dow Jones Market Data.<\/p>\n<p><strong>Read:<\/strong> Small-cap stocks are surging Tuesday as broader U.S. market sleeps. Here\u2019s why.<\/p>\n<p><strong>Also read:<\/strong> Small-cap stocks lag in 2023, but here\u2019s where they\u2019re \u2018finally\u2019 starting to see positive earnings revisions<\/p>\n<p>It shows a potential reversal of a trend, as the performance of small-cap companies has been lagging large-cap peers in the year to date. The Russell 2000 has gained 5.4% so far in 2023, compared with an 11.6% gain for the large-cap benchmark S&amp;P 500\u00a0and a 26.8% jump for the tech-heavy Nasdaq.<\/p>\n<p>\u201cThe difference between the S&amp;P 500\u2019s return this year and small caps is driven by investor skittishness about the state of the economy, or its potential state sometime later this year,\u201d said Andy Kapyrin, co-chief investment officer at CI RegentAtlantic Private Wealth.<\/p>\n<p>Tuesday\u2019s rally for small-cap stocks is a response to economic data published over the past few weeks, which indicate \u201cwe are not likely in a recession,\u201d Kapyrin said. Such a rally also bodes well for the broader market, as it indicates a \u201chealthier degree of market breadth,\u201d he said. <\/p>\n<p>\u201cSmall-caps tend to be on the more risky side of the stock market, with higher levels of volatility and bigger potential for drawdown,\u201d Kapyrin added. \u201cWhen small-caps experience large rallies, in my view it suggests that investors aren\u2019t just eager to own something that they view as more stable \u2014 they\u2019re eager to own something that is more tied to the state of the economy.\u201d<\/p>\n<p>Meanwhile, many investors may still be chugging along on the upward drift of recent rallies \u2014particularly for technology stocks, noted Andres Garcia-Amaya, founder and CEO of Zoe Financial. <\/p>\n<p>\u201cSomething that has been surprising is how strong momentum has been,\u201d Garcia-Amaya said. A rate hike and a hawkish tone at next week\u2019s Fed meeting could stop that momentum and be \u201ca cold bucket of water,\u201d he said. But that\u2019s an open question for the time being, he added: \u201cUnless we get new news from the Fed, the market is trading on that soft landing.\u201d <\/p>\n<p><strong>Read also:<\/strong> Here\u2019s the red flag that says a tech stock selloff could arrive soon, according to Citi<\/p>\n<p>President Joe Biden on Saturday signed legislation to raise the U.S. debt ceiling through January 1, 2025. One question now revolves around the equity-market implications for an anticipated issuance of short-term Treasury debt that\u2019s expected to be massive. <\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      <strong>Coinbase Global Inc.<\/strong><br \/>\n        COIN,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/225893452\/composite\" class=\"negative\">-12.09%<\/bg-quote><br \/>\n       closed down 12.1% Tuesday after the\u00a0Securities and Exchange Commission sued the cryptocurrency exchange, alleging it has been operating an unregistered securities exchange. \u201cThe solution is legislation that allows fair rules for the road to be developed transparently and applied equally, not litigation,\u201d the company\u2019s top lawyer said in a statement. <\/p>\n<\/li>\n<li>\n      <strong>Apple Inc.<\/strong><br \/>\n        AAPL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202934861\/composite\" class=\"negative\">-0.21%<\/bg-quote><br \/>\n       shares finished off 0.1% after the stock was downgraded to neutral by analysts at D.A. Davidson, who reduced their price target to $185 from $193 per share after the stock slipped from all-time highs Monday following the tech giant\u2019s launch of its Vision Pro headset.<\/p>\n<\/li>\n<li>\n       <strong>GitLab Inc. <\/strong><br \/>\n        GTLB,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/206616641\/composite\" class=\"positive\">+31.19%<\/bg-quote><br \/>\n       shares surged 31% following an earnings report that beat expectations and played up the software company\u2019s efforts in artificial intelligence.    <\/p>\n<\/li>\n<\/ul><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/stock-futures-struggle-for-direction-in-early-trade-c215fe75?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The S&amp;P 500 closed Tuesday at its highest level in 10 months and the Nasdaq Composite finished at a 14-month high, as investors wait for May inflation data due next week, just ahead of the Federal Reserve\u2019s June policy meeting. How stocks are trading The S&amp;P 500 SPX, +0.24% ended up 10 points, or 0.2%, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13123,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-19079","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nasdaq closes at 14-month high as small-cap stocks rally | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The S&amp;P 500 closed Tuesday at its highest level in 10 months and the Nasdaq Composite finished at a 14-month high, as investors wait for May inflation\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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