Stock Rotation Hits Big Tech as Small Caps Rise
February 3, 2026
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51:14The Surprising Similarity Between the US and Chinese Internets | Odd Lots
7:06Now PlayingStock Rotation Hits Big Tech as Small Caps Rise
YouTube Description
as posted by the channelJulian Emanuel, Chief Equity & Quantitative Strategist at Evercore ISI, discusses his outlook for equity markets and how he is advising clients under current conditions.
Wall Street traders drove the S&P 500 down from near-record levels as chipmakers wiped out an earlier rally amid a rotation into more economically sensitive industries. Dip buyers paced a rebound in gold and silver after a historic selloff. The dollar halted its advance.
Weighing on benchmarks was a swift global drawdown in companies in the data-services space, following the release of an automation tool for the legal profession by artificial-intelligence firm Anthropic. Gartner Inc. lost around a quarter of its value, while Factset Research Systems Inc., S&P Global Inc. and Accenture PLC were under pressure. Software stocks have been among the markets weakest performers in recent weeks on concern over AI disruption.
About 350 shares in the S&P 500 rose, but the index was little changed. Weighing on benchmarks was a swift drawdown in companies in the data-services space, following the release of an automation tool for lawyers by artificial-intelligence firm Anthropic. Gartner Inc. lost around a quarter of its value, while Factset Research Systems Inc., S&P Global Inc. and Accenture PLC were under pressure. Software stocks have been among the markets weakest performers in recent weeks on concern over AI disruption.
Once again, the Russell 2000 index of smaller firms outpaced the US equity gauge, climbing about 1%. A strong outlook from Palantir Technologies Inc. drove the shares up 6.5%. Advanced Micro Devices Inc.’s upcoming results will provide an update on its push to compete with Nvidia Corp. in AI.
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