Stock Market Today: Dow, S&P 500, Nasdaq Set to Open Up; Trump Greenland Tariffs Hope; Intel, Netflix, Micron, Tesla, More Movers; PCE Inflation Report

Tech stocks and small caps topped the leaderboard on Thursday as Wall Street bought the dip from Trump’s threats over Greenland.

The Nasdaq rose 0.9%, while the Russell 2000, an index encapsulating stocks of 2000 small U.S. companies, hit a new high, rising 0.7% minutes before close. The S&P 500 was up 0.6%. The Dow was up 307 points, or 0.6%, missing its record.

The small-cap index has done better than the S&P 500 for 14 straight days, including today’s performance. The last time investors saw such a long winning streak was in May 1996.

“There is a clear shift in leadership underway, and while there will be pullbacks, we want to stick on the side of this new trend which is still in its early days, in our view,” writes Jonathan Krinsky, BTIG’s chief market technician.

The Russell 2000 is up 9.6% this year compared to 0.9% for the S&P 500.

Another big trend for the year has been global outperformance. The Vanguard FTSE All-World ex-US Index Fund is up 4.8% this year.

U.S. equities have trended higher for two days now as Trump backed off from his tariff threat over Greenland. NATO Secretary-General Mark Rutte, in an interview with Bloomberg, said the people of Denmark and Greenland “are completely open to more American presence,” but the issue of Greenland’s sovereignty didn’t come up in his meeting with Trump.

“This ‘deal’ might fall short of Trump’s original goal of ‘complete and total’ control of Greenland, but a new expansion of US territorial sovereignty, if it happens, would be the first expansion since the US took administrative control of some Pacific Islands after WW2, subsequent to which some actually became US territories in later decades (such as the Mariana Islands and Guam),” wrote Thierry Wizman, global FX and rates strategist at Macquarie Group.