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Thursday was a historically strange day in the stock market. That may be good news

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The Russell 2000 small-cap index jumped more than 3% on Thursday, but every one of the so-called 'Magnficient 7' stocks fell.

The Russell 2000 rose more than 3%, while struggles for Big Tech stocks weighed on the S&P 500 and Nasdaq Composite.

The split trading came after the June report for the consumer price index early Thursday showed that headline inflation actually declined last month and is now up about 3% over the past year. The Nasdaq Composite underperformed the Russell 2000 by more than 5 percentage points in what appears to be biggest daily gap on record. The only other time the gap came in above 5 percentage points was in November 2020, right after Pfizer shared positive results from a Covid-19 vaccine trial.

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