S&P 500 and Nasdaq Give Way as Small Caps Advance

FS Insight Team

“We all love to win, but how many people love to train?” ― Mark Spitz, Olympic swimmer and gold medalist

Good evening,

This week illustrated the extent to which large-cap Technology stocks affect broader indices such as the S&P 500 and the Nasdaq. Tech stocks – particularly semiconductor stocks – retreated this week after negative news from both sides of the political aisle. The Biden administration discussed the possibility of tougher restrictions on the sales of chip technology to China, while former President Donald Trump cast doubts on U.S. military support for Taiwan should China attempt an invasion. The subsequent decline in Tech stocks caused the S&P 500 and Nasdaq to stumble.

Still, we saw promising moves from non-Tech sectors, prompting Fundstrat Head of Technology Mark Newton to tell us during our weekly research huddle that “my thinking is that the ‘Great Rotation’ has begun.” He noted that “Large-cap Tech has stalled out a bit, and this week we saw one of the largest daily declines in the Nasdaq in two years.” However, despite the declines in the broader indices, Newton said, “I'm finding it difficult to get all that negative on the market just because the breadth has actually gotten so good in recent weeks. I think it's actually a very en...
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