and other formerly downtrodden areas of the market rose while superstar Big Tech stocks gave back more of their stellar gains.
Tokyo’s core consumer price index rose 2.2% in July, rising for the third straight month to its highest level in four months, adding to expectations that the Bank of Japan may raise its near-zero benchmark interest rate at a policy meeting next week. The Russell 2000 index of smaller stocks jumped 1.3%. It’s up 8.6% this month, versus a loss of 1.1% for the big stocks in the S&P 500. and most of the handful of Big Tech stocks that have been primarily responsible for the S&P 500’s run to records this year weighed on the market. They had tumbled a day earlier after profit reports from known as the “Magnificent Seven” are rising or falling makes a huge impact on Wall Street because they’ve grown so mammoth in market value.