S&P Size Divergence: Mega Caps Dominate

$S&P 500(.SPX)$ size indexes relative performance

Basically everything that's not mega caps have underperformed --- even large caps have seen significant underperformance (i.e. the S&P500 excluding the top 100 stocks)

Highly unusual, but whenever it happens like this eventually you see some give-back...

Rate Cuts = Commodities Up. 📈

A global pivot to rate cuts over the past 2 years has set up a major tailwind to growth ...and ultimately higher commodity prices.


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