Quarterly Outlook
Equity outlook: The high cost of global fragmentation for US portfolios
Charu Chanana
Chief Investment Strategist
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Friday Factoid: Best relative move for the Russell 2000 in 23 years
Dan Squires
Head of Sales - UK
It would be a fool’s game to call the top of the multi-year tech rally
But yesterday was marked by a fairly sizeable rotation event. In other words it wasn’t just the tech sell off, but the fact that as the Nasdaq and the Mag 7 went down, other US equities went up. Which tells you that this wasn’t a “correlation of 1” sell-off….when everything moves together, but was much more about investors switching out of one theme and into another. The catalyst was 2 things largely; Tesla delaying their Robotaxi launch, and the US CPI data being weaker than expected, which means Fed rate cuts are highly likely to be starting this September.
Why did this rotation occur?
Well, the most likely explanation is investors feel Tech stocks are expensive and have massively outperformed, and are perhaps taking profits and reinvesting into smaller US listed companies that are more geared to the US economy and have more to benefit from rate cuts.
So our Friday factoid is this:
Yesterdays intraday reversal between the Russell 2000 (+3.6%) and the Nasdaq 100 (-2.2%) was the best relative move for the Russell 2000 in 23 YEARS !PS: If you aren’t sure what the Russell 2000 is, it’s the 2000 smallest listed US stocks and is a MUCH broader index:
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