Risk-On Rally: Small Caps Lead Broad Advance as Cyclicals, Materials and Energy Reassert Strength

$SPY $QQQ $IWM $NFLX $BTC — Equities rallied across the board with small caps leading the charge — the S&P 500 (SPY) rose 1.21%, the Nasdaq-100 (QQQ) added 1.31% and the Russell 2000 (IWM) jumped 2.16%. Sector rotation into materials, energy and industrials drove breadth, while headlines ranging from Netflix founder Reed Hastings’ exit to renewed crypto chatter kept traders busy.