Weekly Market Recap - Friday, 12-Jul

US equities ended higher this week, with the Dow Jones +1.59%, the S&P500 +0.87%, and the Nasdaq +0.25%. Small-caps and equal weight S&P 500 strongly outperforming the other major indexes following post-CPI rotation out of big tech, while at the same time, the official S&P 500 index reached all-time highs this week. June's CPI disinflation sparked rotation from big tech toward small caps and non-big tech groups, creating a relative drag on the S&P and Nasdaq. Big banks kicked off first round of corporate results and mostly underwhelmed. Biden spent the better part of the week rejecting calls for him to exit the presidential race. Fed Chair Powell concluded a largely uneventful two-day testimony before Congress, with big takeaway the two-sided risks to economy.