U.S. Small Caps had their best trading day on Monday since late August, with Russell 2000 index gaining +2.65% amid accelerating rotation into cyclical plays, ending the day at 2,358, a hair?s breadth away of its all-time high of 2,360 set in March. Leading the charge were ANI Pharma Inc. (+49.52%), Vuzix Corp. (+32.27%) and Comtech Telecom Company (+26.1%).
While there?s still much uncertainty about the market's outlook due to heightened inflation and lingering supply chain disruptions, a strong performance by small and mid-caps may be a sign that investors are becoming more confident in the recovery with the release of strong corporate earnings.
ETFs tracking U.S. small cap shares followed suit, like iShares Russell 2000 ETF, Vanguard Small Cap ETF and Schwab U.S. Small-Cap ETF, which gained +2.59%, +2.19% and +2.51% respectively on Monday.
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