Summary
Tuesday was the third straight day when alpha came in the form of “smaller” technology stocks as well as a broad spectrum of mid- and small-cap issues. The S&P 500 tacked on another 0.6%, finishing at a minor all-time high (ATH). Meanwhile, the Nasdaq added 0.7% and the Nasdaq 100 added almost 1% — but the two have yet to advance to an ATH. Relative strength was seen in the S&P Mid-Cap (at an ATH) and S&P Small-Cap (closing in on an ATH), which both popped 1.5%. Once again, individual stock performance was spectacular, to say the least. The leading tech stocks in the S&P 500 remain on fire, with SNDK (+27%), WDC (+17%), STX (+14%), MCHP (+12%), MU and NXPI (+10%), TXN (+8.5%), Q (+7%), and LRCX (+6%) leading the charge. The top three gainers are from the tech hardware-storage & peripherals industry, with WDC and STX exploding since April and SNDK spiking since September. Individual technology names in the S&P 400 were again huge winners, with NOVT, LITE, ALGM, CIEN, SYNA, PATH, SLAB, ENTG, AMKR, LSCC, and RRX all jumping between 6% and 12%. These are certainly not household names in tech, as the AI trade might be heading underground. The S&P Technology sector (XLK) was the third best of the 11 sectors on Tuesday,
