Wall Street Strategies
Hello! Sign in or Register


Morning Commentary

SMALL-CAP THE “BETTER” RALLY?

By Charles Payne, CEO & Principal Analyst
4/28/2026 9:35 AM

Only three sectors finished higher yesterday, but they pulled enough weight to pull the index across the finish line. The same names (SanDisk (SNDK) and Micron Technology (MU)) continue to drive the market, but they have been joined by the ‘Big Dog,’ making a monster Nvidia (NVDA) stealth move. The grand slams are hitting air pockets like Comfort Systems (FIX) did last Friday, after posting huge numbers, and opening much higher; it got some back yesterday.

The S&P 500 (SPX) closed at a new high, but only 45% of the components finished in the plus column.

The S&P 600 (small-caps) finished higher, with 59% of components finishing in the black.

Decreasing breadth isn’t the best condition for extended rallies.

The S&P 500 market breadth is so narrow that some would consider it a buy signal.

Image

Where market breadth goes from here will depend on earnings and guidance.

Image

The good news is Tuesdays are the best for the market.

Today’s Session

Image

Two major news items are moving the market this morning.

A Wall Street Journal report that OpenAI missed user and revenue milestones is pressuring names in the OpenAI universe. Sam Altman is out and about this morning denying it all, and while I tend to believe this report is overstated, the action in high Beta names is unnerving.

The other headline reveals the simmering feud between Saudi Arabia and the UAE has blown into the open.

Crude oil is higher on this news this morning.


 

Log In To Add Your Comment


Home | Products & Services | Education | In The Media | Help | About Us |
Disclaimer | Privacy Policy | Terms of Use |
All Rights Reserved.

 

×