The S&P 500 rallied 1.6% on Wednesday. That performance was in contrast to an emerging trend seen in July: Investors were rotating out of large-cap tech stocks and into beaten-down smaller names.
Wall Street ended July with a bang that turned a volatile month into a winner. The S & P 500 rallied 1.6% on Wednesday for its best daily performance since late February. That rally erased the broad market index's monthly losses, leading it to end the month up 1.1%. The Nasdaq Composite surged 2.6%. Those gains came as results from Advanced Micro Devices jolted a recently beleaguered chip sector. The stock popped 4.
RUT YTD mountain Russell 2000, year-to-date Bank of America thinks this "pain trade" will continue as a new month of trading kicks off. .RUT .SPX 1M mountain Russell 2000 vs S & P 500 in past month "We expect AI to transition from a 'tell me' to a 'show me' story, with any disconnect between investments and revenue generation to come under increased scrutiny," wrote strategist Savita Subramanian.
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