The S&P 500's longest winning streak since November came to an abrupt halt on Thursday as investors sold off the largest "tech giants" in nearly a year, according to Jinshi. Investors pulled out of this year's winners as inflation data sparked bets that the Federal Reserve would cut interest rates as soon as September, pushing the iShares MSCI US Momentum Factor ETF to its worst performance since May. The turmoil brought some unusual data, with the S&P 500 falling 1%, even though 400 of the index's components rose. The benchmark index, which excludes market capitalization weighting, rose 1.2%, outperforming the weighted index by the most since November 2020. The Russell 2000 small-cap index rose 3.2%, its best performance relative to the S&P 500 since March 2020.