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Last week, the S&P 500 ended in consolidation while the Russell 2000 was trending lower. After a brief spurt higher following the FOMC, the S&P 500 also joined the bear party and moved lower. Currently, it’s about 1.5% above its lows from early December, while the Russell 2000 tested these levels today.
The trigger for today’s move lower was Senator Joe Manchin of West Virginia saying he is a No on the BBB bill. I do think this slightly lowers growth expectations given the bill’s $2 trillion size and consensus that it would be passed.
