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Today's market
Michael Reinking, CFA
Sr. Market Strategist
June 7, 2023 at 2:00 p.m. EST
Yesterday most major US indices ended with modest gains. However, the improvement in breadth that began last week continued as small /mid stocks continued to squeeze higher with the Russell 2k rallying over 2.5%, bringing the returns since the start of the month to ~6%. Today the rotational activity that we’ve seen over the last week is continuing. The NYSE FANG+ index, which has led to the upside throughout this year, is pulling back just over 2% while the Russell 2k is up around 1.5%. Given the FANG+ performance, the market cap weighted version of the S&P 500 index is down ~0.2% but the equal-weight version is higher by 0.5%.
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