January 11, 2024

Russell US Indexes Spotlight - January 2024

Quarterly report

Broad-based Q4 rally aids small-cap rebound; Growth dominates in 2023

Small-caps rebounded strongly in broad-based Q4 rally, supported by easing financial conditions and expectations of the end of aggressive rate hikes. Large-cap Growth continued to hold sway over its Value counterpart in Q4, preserving its massive outperformance for the year. Real Estate and small-cap Financials shone. Energy lagged badly, hurt by falling oil prices.

Key highlights:

  • Small-caps led in broad-based Q4 rally
  • Financials and Real Estate rebounded, Energy lagged
  • EPS growth stabilised for large-caps
  • Dividend yields edged lower
  • Valuation re-ratings continued
  • Russell IPO inclusions remained muted

Authored by FTSE Russell’s Global Investment Research team, this quarterly publication provides a deep-dive into the performance and key market drivers of US equities, viewed through the lens of Russell large-cap (Russell 1000), small-cap (Russell 2000), Growth and Value indexes. It's part of a series of reports, available by email as soon as they are published.

To support your investment decision-making, we produce specialist content that provides analysis and insights on a range of investment topics. Go to our Global Investment Research hub for valuable Market Insights.

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