The three major indexes rose on Monday as tech shares rebounded.
are near flat Monday night, with traders readying for earnings reports from major companies after the benchmark posted its best day in more than a month.outperformed with a 1.6% climb. The S&P 500 was led higher by the information technology and communication services sectors, which gained roughly 2% and 1.2%, respectively.added 1.7% in the session.
The shift to small caps also comes as investors grow increasingly excited that the Federal Reserve will soon begin lowering interest rates, a move seen as particularly helpful for smaller and more cyclically oriented companies. Larry Tentarelli, chief technical strategist at the Blue Chip Daily Trend Report, said the rotation from megacap tech to small-cap stocks seen last week is still prevalent. He said Monday's broad advance is an attempt from investors to get ahead of potentially positive earning reports over the next few days and the personal consumption expenditures price index reading due at the end of the week.
"I do believe this rotation story is still intact," Tentarelli said. "If we get that bullish inflation report, I think you could see another leg higher in small caps and the banks." Traders will also watch Tuesday morning for economic data on nonmanufacturing and existing home sales.Stock futures tied to the Dow, S&P 500 and the Nasdaq 100 were all little changed shortly after 6 p.m. ET Monday night.
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