Bossy Big Caps & Moody Small Caps - Kuby's Commentary 07.06.2021

After moving sideways for the first 5 months of 2021 the Big Tech Boys are back in town, with Apple, Microsoft, Amazon, Alphabet, and Facebook dominating the leadership board for the last month. The S&P 500 closed Friday at a record level for the seventh consecutive day, its longest streak of record closes since 1997. Peeling back the onion, the broader market was less tasty, with the Russell 2000 slipping 1.23%, and declining and advancing issues about equal. The economic calendar is light, with Wednesday's release of the minutes from the FOMC's last meeting in focus. Earnings season is on deck with consensus estimates calling for a 65.4% increase versus last year's June quarter that was hit hard by the pandemic. During the second quarter, analysts increased earnings estimates for companies in the S&P 500 by 7.3%, which represents the largest increase in the bottom-up EPS estimate during a quarter since FactSet began tracking the quarterly bottom-up EPS estimate in Q2 2002.