The S&P 500 notched another record closing high on Wednesday, as technology and communication-services companies continue to fuel gains this year for large-cap stocks. But for struggling small-cap equities, tech hasn’t provided a boost so far in 2024. The large-cap benchmark S&P 500
SPX
is up 2.1% this month through Wednesday, with its information-technology and communication-services sectors each surging more than 6%, FactSet data show.
“There’s quite a bit of disparity in sector performance among large caps,” said Bespoke Investment Group analysts in an emailed note Wednesday. “In the small-cap space, performance is more uniform, but unfortunately, it’s to the downside.” Small-cap stocks in the U.S., as measured by the S&P Small Cap 600
SML,
are down 3% in 2024 through Wednesday, FactSet data show. “Sectors where there has been the largest disparity in favor of large caps are communications services and technology,” said Bespoke, adding that “these are also the two sectors that have the largest concentration of mega-caps.”
BESPOKE INVESTMENT GROUP NOTE EMAILED JAN. 24, 2024
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SPX
is up 2.1% this month through Wednesday, with its information-technology and communication-services sectors each surging more than 6%, FactSet data show.
“There’s quite a bit of disparity in sector performance among large caps,” said Bespoke Investment Group analysts in an emailed note Wednesday. “In the small-cap space, performance is more uniform, but unfortunately, it’s to the downside.” Small-cap stocks in the U.S., as measured by the S&P Small Cap 600
SML,
are down 3% in 2024 through Wednesday, FactSet data show. “Sectors where there has been the largest disparity in favor of large caps are communications services and technology,” said Bespoke, adding that “these are also the two sectors that have the largest concentration of mega-caps.”
BESPOKE INVESTMENT GROUP NOTE EMAILED JAN. 24, 2024
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