S&P 500 goes nowhere while small caps rally

The S&P 500 finished virtually flat, the Nasdaq 100 dipped 0.1%, and the Russell 2000 climbed 0.7% on Thursday.

The S&P 500’s advance-decline line was positive for the third straight day, with the number of risers outnumbering fallers by 64.

There were no dramatic moves at the sector level. In fact, this was the first session since August 10, 2023, that no S&P 500 sector ETF rose or fell at least 0.4%.

Consumer staples fared the best, while consumer discretionary did the worst with Tesla off 1.8% and Amazon down 0.9%.

Retailers Walgreens Boots Alliance, Dollar Tree, Target, and Best Buy were the top four performers on the S&P 500.

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SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

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