Nothing but green on this summer day after all three of the major market averages (^DJI, ^IXIC, ^GSPC) closed the day higher: the Dow Jones Industrial Average and the S&P 500 both achieving new record highs. This is the S&P 500’s 38th record high close in 2024.

Julie Hyman and Jared Blikre check out the day’s market and sector gains, while checking in on the small cap Russell 2000 (^RUT) index and the S&P 500 Equal Weight Index (^SPXEW).

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Luke Carberry Mogan.

Video Transcript

There’s the closing bell on Wall Street.

Now it’s market domination over time.

We’re joined by Jerry to get you up to speed on the action from today’s session.

Let’s start with where the major averages ended up and we got some superlatives for you.

The dow at a record close here today.

The winner among the big three averages up 1.9%.

That’s about 743 points here to close at a record 40,955.

But the S and P 500 says, OK, wait a minute, me too up about two thirds of one percent here and its 38th record close of the year as Jared just told us a few moments ago to also touched an intra day record for the S and P the NASDAQ though not joining that, that party today, but it is rising about 1/5 of 1%.

It is the laggard in today session, Jared and I have been watching very closely the gap between the major averages and the Russell and the Russell 2000 of small caps definitely outperforming today with a 3.4% gain the S and P equal weight is also out today.

The S and P 500 that is with the 1.7% gain.

So, Jared, it looks like this rally, this rotation that we’ve been talking about that is continuing to happen and the rally continuing to broaden.

Oh, my goodness.

Is it ever those small caps?

Let’s just put it back on the Russell 2000 here behind me.

This is what happened today.

That’s up 3.34%.

We’ve had a multiple, we’ve had multiple 3% days plus over the last few days.

Here’s a five day total.

Up 11.3 percent.

I’m going to show you the NASDAQ that’s barely positive there.

That spread of 11% points.

That is one of the highest ever.

And in fact, the Russell 2000 is now more extended than the S and P 500.

And I’m gonna give the answer to that question in about 30 minutes.

I’m going to cover that with Josh before then I just want to tell you industrials are really taking the leadership position today.

They’re up 2.5% followed by another cyclical sector that is materials that’s up almost 2%.

Then you have consumer discretionary, then you have health care, then you have financial real estate only tech under performing today, only tech in the red actually.

Story continues

And here in the NASDAQ, you can see exactly what’s going on.

Look at that mess to the left side of your screen, look at all those red names, uh those mega caps in the red NVIDIA down 1.6% alphabet, down down 1.4%.

Uh But the, the most of the selling was really limited to those big names.

And if you take a look at the leaders here, you also see at the very bottom, we got the mag seven ETF that’s uh in the red Fang.

We know what that is the Fang trade and C and K web, which is a China trade that has not been doing well.

But basically everything else in the US besides the mag seven doing extremely well.

Home builders have really just been flying since last 30.

So so is regional banks.

So is solar, so has unprofitable tech and just take a look at this picture here.

Here is the Arc innovation holdings.

I’m going to show you over the last five days.

What a stark contrast.

So small, definitely coming into the fore here.

Uh Josh.