Stock Market’s 2025 Laggards See Revival in Year’s Final Stretch

Investors are rotating out of the technology behemoths that drove virtually all of this year’s 17% advance in the S&P 500 Index and snapping up shares of risky small companies and old-economy transportation names that have lagged behind all year. Since US stocks hit their near-term low on Nov. 20, the small-cap Russell 2000 Index has gained 9.4%, reaching an all-time high on Thursday. The S&P 500 Index has gained 5.1% during that time.