Wall Street’s sure-fire, money-minting trade of 2024 – going all-in on Big Tech – was upended this week, sparking stock volatility across the board and thrashing momentum-chasing investors along the way.
Isabelle Lee and Denitsa Tsekova, Bloomberg NewsRyan Detrick, chief market strategist at Carson Group, joins BNN Bloomberg to discuss portfolio strategy amid earnings season.
With the so-called Magnificent Seven accounting for a historic share of this year’s equity rally, the blind love affair with capitalization-weighted indexes appears to be on shaky ground. Retail and institutional investors are looking to diversify into new market winners by sinking cash into everything from consumer stocks to health care – regardless of the sorry track record for anyone trying to beat the tech-driven market.
While the S&P 500 tumbled 0.8% this week, more than 300 of its members ended the week with gains. The Russell 2000, which tracks small caps, scored its third week of wins and outperformed the benchmark by the most in 24 years in July. The biggest Russell 2000 ETF posted inflows at the second-fastest monthly pace on record.
At the same time the trading volume represented by equity ETFs recently fell to as low as 14% of all exchange volume, below the five-year 30% average. That implies investors are preferring to trade individual stocks over broader indexes, according to Bloomberg Intelligence’s Athanasios Psarofagis.
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