July 20, 2026

Russell US Indexes Spotlight - July 2026

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Quarterly report

Small cap rotation is sustained in Q2, but Value lags Growth with Tech’s rebound and Energy’s pullback

Key highlights:

  • Small caps outperformed large caps, with broad industry contribution
  • Value lagged Growth partly due to the Tech-Energy performance divergence
  • US macro outlook points to potentially higher rates and volatility
  • In Focus – AI tailwinds shift direction to second-order beneficiaries
  • Earnings outlook more resilient for large caps under new macro regime
  • Valuation changes partly reflect differentiation within Tech
  • IPO inclusions pick up slightly after Q1 dip; still within structurally lower trend

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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Webinars

23 July

Russell US Spotlight

Presented by David McNay, CFA, Director, Global Investment Research, FTSE Russell, Catherine Yoshimoto, Director, Product Management, Benchmark Product Development, FTSE Russell and Faye Witherall, Vice President, Investment Strategy, BlackRock
Find out more