Small Caps Down amid Rising Interest Rates

The Dow Jones Industrial Average fell by 104 points, or 0.3%, to close at 35,479. The S&P 500 Index dropped 12.4 points, or 0.29%, to reach 4,678.5. Rising interest rates led the decline in small-cap stocks, with the Russell 2000 Index plummeting by 1.3% to 2,357.8. Economists are optimistic about the US economy’s prospects following recent GDP growth reports and inflation data. In contrast, Micron Technology surged on news of improved Q4 earnings forecasts. The semiconductor manufacturer’s shares rose 11.9% to $64.32. Despite this gain, Micron’s stock is still in a downtrend since its peak in August due to the ongoing global chip shortage. The Nasdaq Composite Index fell by 25 points, or 0.13%, to close at 14,661.8.