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Daily U.S. Market Update
December 5, 2023 at 1:30 p.m. EDT
Michael P. Reinking, CFA
Sr. Market Strategist
The S&P 500 surged at the start of November but has been trading in a pretty tight range since. However, while it feels like we’ve been running on a treadmill, the music has started to change recently. The rally began to broaden out and there were more signs of speculative behavior. That broadening out has led to a rotation with prior leadership beginning to underperform and vice versa. In terms of speculative behavior, it’s like the greatest hits of 2020 are playing with a surge in crypto currencies, non-profitable tech stocks, sharp rallies in stocks with a heavier short base and the re-emergence of some of the old school meme stocks. The reversal in yields is fueling this increase in risk appetite. Sitting in the middle of those cross currents have been the mega-cap tech stocks which have started to level off after their meteoric rise this year.
Low-priced stocks account for the most market volume since February 2021
U.S. equity market intra-day volume by price
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