Quarterly report
Large caps and Growth reassert themselves in Q4, in line with overall 2024 performance
The US equity rally narrowed in Q4 to a few industries. Rising yields challenged rate-sensitive market segments. Economic growth continued to be a bright spot. However, inflation expectations rose, and a cautious Fed and policy uncertainty await equities in 2025.
Key highlights:
- Large caps lead in Q4
- Growth outperforms Value
- Cyclicals lead in narrow Q4 rally
- Earnings outlook improves for small caps
- Valuations re-rate
- Russell IPO inclusion activity holds steady
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.
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