Small stocks are about to take over? Wall Street has heard that before.

Trader Gregory Rowe works on the floor of the New York Stock Exchange, Monday, July 22, 2024. After getting trounced by their larger rivals for years, some of the smallest stocks on Wall Street have shown much more life recently. After getting trounced by their larger rivals for years, some of the smallest stocks on Wall Street have shown much more life recently.

, it should. Hope for a broadening out of the market has sprung up periodically on Wall Street, including late last year. Each time, it ended up fizzling, and Big Tech resumed its dominance. Traders are also thinking cuts to interest rates are much more imminent than before, with expectations recently running at 95% confidence that the Fed will make a move as soon as September, according to data from CME Group“Fade the chase in small caps, which is likely unsustainable,” according to Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management.

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