The Dow Jones Industrial Average fell today, but it was so small that I'm not sure anyone noticed. Today After the Bell we:
• … explained how the new historical maximum of Russell 2000 could mean that it is time for the Dow and the S & P 500 to join the rally;
• … highlights the S-P 500-topping gain of Marathon Petroleum (MPC);
• … and explains why Nektar Therapeutics (NKTR) sank to the bottom of the S & P 500 today.
The main market indices fell a bit at present. Small capital letters, however, rose to new highs.
Without a doubt it was a quiet day. And in silence, I mean it did almost nothing, but it came down a little bit, with the S & P 500 ending with 0.1% and the Dow with 0.2%. The things we were supposed to be afraid of – oil, yields and the stronger dollar – continued to be higher, but not so much as to cause real consternation. Maybe we should be happy that the market took a breather and no real damage was done.
However, the Russell 2000 small-cap index rebounded again, as it has done in seven of the last nine days, for a total increase of 5.1%. And terrifyingly, that's a new record in the index, even when the S & P 500 and the Dow are churning below theirs.
The last time Russell got back up like this, I warned investors that the rise in a column on March 10 is fading. At that time, I argued that the index companies were, well, small, that their valuations were not low enough relative to the big capitalizations, and that the commercial wars behind them would not last. The small capitalizations fell by 6.6% on April 2, making the call look pretty good.
But not anymore. The Russell 2000 gained 8.9% since then. The index has risen 1.8% from my column and could be heading higher. If it does, it could also mean an exchange of large capital, explains Ivan Feinseth of Tigress Financial. In a note published this morning, he argued that small businesses generally fall first when the market slips because their small size makes them less resistant to the economic slowdown, but they are also the first to recover when those fears begin to ease.
The recovery in the Russell 2000 tells me that the market will continue higher and we will see new highs in the three main indices soon, "he writes.
We can only wait.
S & P 500 : – 0.1% at 2720.13
Dow 30 : -54.95 points, or 0.2%, at 24,713.98
Nasdaq : -0.2% at 7382.47
Vix : -0.2% at 13.39  10-year Treasury yield : +0.01 percentage point to 3.11%
Crude oil : 0.2% at $ 71.62
Marathon Petroleum (MPC) jumped to the top of the S & P 500 on Thursday, thanks to a bullish note on the refiners of Morgan Stanley.
Marathon won $ 3.98, or 5.2%, at $ 80.71.  Analyst Benny Wong raised his vision of the refining and marketing industry to Attractive, writing that he expects refining margins to expand by 30 % through 2020, thanks to an underinvestment supply that will struggle to keep pace with robust demand.
Wong updated Valero Energy (VLO) to Overweight as part of the note, and, along with Marathon, are his best selections.
Optimism boosted the sector, since the five of the best of the S & P 500 were today related to energy, and the first three have downstream operations.
The marathon has risen 22.3% so far this year and has gained 55.1% in the last 12 months. – Teresa Rivas
The five main shares in the S & P 500:
Marathon Petroleum (MPC): 5.2%
Andeavor (ANDV): 4.3%
Valero Energy (VLO): 4.1%
EOG resources (EOG): 3.8%
Resources of Concho (CXO): 3.7%
The biggest loser
Nektar Therapeutics (NKTR) ) sank in the bottom of the index, damaged by the disappointing results of the tests.
Nektar lost $ 6.57, or 7.7% to $ 79.23.
A summary of the American Society of Clinical Oncology highlighted the preliminary results of the trials of the cancer drug Nektar Pivot, used in conjunction with Bristol The treatment with nivolumab of -Myers Squibb (BMY), in patients with advanced solid tumors . JPMorgan also lowered its target price to $ 85 after the news.
Nektar, one of the most volatile stocks of the S & P 500, has gained 32.7% to date and has risen 305.5% in the last 12 months. – T.R.
The five lower shares of the S & P 500:
Nektar Therapeutics (NKTR): -7.7%
CBS Corp. (CBS): -4.1%
Cisco Systems (CSCO): – 3.8%
Micron Technology (MU): -3.2%
Wyndham Worldwide (WYN): -3%
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