The main stock indexes of the US stock market have been attacked by the "seven giants", and the risk appetite has increased. Small-cap stocks are king

The S & P 500's longest streak of gains since November came to an abrupt end on Thursday. The "stumbling block" is the very large-cap technology stocks that have been driving the index higher this year. The so-called "Big Seven" investors sold their most in nearly a year as inflation data triggered bets that the Federal Reserve could cut interest rates as soon as September, pulling out of this year's winners and pushing the iShares MSCI US Kinetic Factor ETF to its worst performance since May. The turmoil brought some extraordinary data. The S & P 500 fell 1%, even as 400 of the index's constituents rose. The benchmark index, which is weighted by market capitalization, rose 1.2%, outperforming the weighted index by the most since November 2020. The Russell 2000 small-cap index, which includes mostly low credit ratings and high borrowing needs, rose 3.2 per cent, its best performance against the S & P 500 since March 2020. An index tracking the "tech seven" tumbled 4.1 per cent, its biggest decline since July 2023.