Discover The Takeaway from today’s Morning Brief, available for you to receive in your inbox every morning. Let’s talk about the “Magnificent Seven,” the elite group of megacaps that stood out from the S&P 500’s crowd of stocks. This group has now shrunk to just four.
However, don’t overlook the small-cap Russell 2000 index and its dynamic duo known as “The Micros.” MicroStrategy (MSTR), the bitcoin enthusiast led by the charismatic Michael Saylor, and Super Micro Computer (SMCI), a cloud storage company meeting the AI-driven demand for enhanced computing power, are the saviors of the index this year.
With the Russell experiencing a decline of over 3% so far, these two stocks have prevented it from plummeting further, potentially saving it from a 7% drop by Thursday, according to DataTrek. Nicholas Colas, co-founder of DataTrek, emphasized the need for more meme-worthy stocks in the Russell to spark a positive trend.
2024-04-20 07:00:29
Originally published on finance.yahoo.com
