Small Caps Get Left Behind

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Stocks turned in a mixed day as the S&P 500 (INDEXSP:.INX) finished in positive territory, but the action below the surface was a bit ugly.

The small-cap Russell 2000 (INDEXRUSSELL:RUT), which is considered more economically sensitive, sold off, underperforming by 0.7%, while the tech-heavy Nasdaq (INDEXNASDAQ:.IXIC) slumped as Apple ( AAPL ) and Google ( GOOG ) slipped.

Additionally, crude oil broke below the $95 mark, dragging down energy stocks

We saw a piece of positive economic data as the September ISM Index came in at 56.4, beating the 55.0 consensus and slightly exceeding last month's figure of 56.2.

However, we also saw October auto sales from the major carmakers today, which were generally below expectations. General Motors ( GM ) managed to beat expectations, but Ford ( F ), Toyota ( TM ), and Chrysler all disappointed. However, the government shutdown may have had a negative impact on their results, so it's too early to declare the month a disaster.

In earnings news, First Solar (FSLR) was a notable winner, rising 18% after reporting much better than expected earnings after the close Thursday. And on the negative side, energy giant Chevron (CVX) missed on both the top and bottom lines, though part of its sell-off can be explained by the aforementioned slump in oil prices.

Tomorrow's Financial Outlook

Earnings season will continue winding down next week, but we have some big names on the calendar. Kellogg (K) will report before the open, with OfficeMax (OMX), Office Depot (ODP), and CF Industries (CF) delivering numbers after the close.

On the economic front, the ISM-New York Report will be reported at 9:45 a.m. EDT. And at 10:00 a.m., August and September Factory Orders will be released. Consensus stands at 0.3% and 1.8%, respectively.

Twitter: @Minyanville



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Stocks

Referenced Stocks: AAPL , F , GM , GOOG , TM

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