The Wednesday Roundup: July 24, 2024

The biggest movers over the last week on price and volume (Mid Cap S&P 400 and Small Cap S&P 600)

Price and volume moves last week for every stock and sector (Mid Cap S&P 400 and Small Cap S&P 600)

Last week vs. history (Mid Cap S&P 400 and Small Cap S&P 600)

AI Oracle Commentary (Alpha testing)

• Market Rotation: The stock market witnessed a significant rotation last week, moving away from the dominance of the "Magnificent 7" tech stocks and showing broader sector participation.
• Small-Cap Surge: Small-cap stocks experienced a sharp rally, driven by increased expectations of an upcoming interest rate cut.
• Economic Data Watch: Investors are keenly awaiting the release of second-quarter GDP and PCE inflation data for June, which could provide further insights into the economic outlook.

These market dynamics bear a resemblance to the period in the late 1990s, particularly around 1999-2000, when the tech bubble saw an initial concentration of gains in technology stocks. As the bubble began to deflate, there was a noticeable shift towards broader market participation and increased interest in small-cap stocks, similar to the rotation we're witnessing today. Economic data releases during that period also played a crucial role in shaping market expectations and investor sentiment.

Stock Study for Tuesday

Artisan Partners Asset Management Inc. (APAM) is an investment management firm that, as of December 31, 2023, manages 25 investment strategies with 76% of its assets under management (AUM) domiciled in the U.S. and 24% internationally. In 2023, APAM's AUM increased by 17% to $150.2 billion, driven by $27.1 billion in market appreciation, although this was partially offset by $4.1 billion in net client cash outflows and $0.7 billion in non-reinvested distributions. Despite the increase in AUM, the firm's revenue for the year declined by 2% to $975.1 million from $993.3 million in 2022. The company reported a GAAP operating margin of 31.1%, down from 34.6% the previous year, and generated an earnings per share (EPS) of $3.19, declaring $2.66 per share in dividends for 2023.