Societe Generale’s Manish Kabra said the Russell 2000’s sharp outperformance of the S&P 500 was the biggest single-day relative gain since Donald Trump’s election victory on November 6 last year. He attributed the move to Federal Reserve Chair Jerome Powell’s dovish pivot, noting that small-cap companies, which rely more heavily on borrowing to fund growth, stand to benefit more from lower rates than cash-rich megacaps such as Big Tech.
Even so, Kabra added that easier policy should provide broad support across the market, with the liquidity tide likely to lift the “Magnificent Seven” as well.Looking ahead, he said the main driver for equities will be the Fed’s interest-rate path, adding that he expects more than 100 basis points of cuts over the next year.
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