Tech-heavy indices were little moved on Wednesday, while small caps and blue chips surged as investors rotated into lagging names, signaling a broadening market rally.
- IWM ETF is breaking a key technical resistance. Check the chart here.
By midday in New York, the S&P 500 edged up 0.1% to 6,450, retreating slightly from a new all-time high of 6,480 hit earlier in the session. The Nasdaq 100 was unchanged, also setting new record highs during the session but failing to break the psychological 24,000-point mark. The Dow gained 0.7%, building on Tuesday’s 1.1% rise.
Small caps extended their strong run, with the Russell 2000 up 1.3% after a 3% jump on Tuesday — putting it on track for its best two-day rally since April 9.
Treasury Secretary Scott Bessent intensified calls for the Federal Reserve to cut rates in September, urging a 50-basis-point reduction to make up for what he called missed cuts in June and July, had labor market data been accurate. …