Small-Cap ETF IJH Rises 1.30% as Magnificent Seven Stocks Lag
MSFT•On July 9, small-cap ETF IJH jumped 1.30% and RSP climbed 0.61% while S&P 500 futures dipped 0.11%. Microsoft and other Magnificent Seven stocks lagged broad-market gains as investors rotated into smaller-capitalization names.
1. Small-Cap ETF Performance
On July 9, the iShares Core S&P Small-Cap ETF (IJH) surged 1.30% and the Invesco S&P 500 Equal Weight ETF (RSP) gained 0.61% as investors shifted away from mega-cap names. S&P 500 futures edged down 0.11%, reflecting relative underperformance by large-cap benchmarks.
2. Magnificent Seven Underperformance
Heavyweight technology shares including Microsoft drifted behind smaller stocks, contributing to the underperformance of the Magnificent Seven group. Profit-taking in large-cap names and sector rotational flows into value and small-cap exposures weighed on those megacaps.
