Last week’s returns in the Russell 2000 gave away the story that there was more taking place beyond the headlines.

The Major Markets closed mostly lower last week, breaking a three-week winning streak. The Nasdaq dropped 2.1%, the Russell 2000 declined 1.7%, and the S&P 500 fell 1.4%.

For the domestic market, the gains in the S&P 500 and Russell 2000 extended the benchmarks run into fresh all-time highs.

The Major Markets had a strong rebound last week. The Nasdaq added 5.2%, the S&P 500 gained 3.6%, and the Dow rose 3%.

Volatility reemerged last week but in the end the headline S&P 500 closed higher. By Friday’s close, all six indices of the Major Markets closed higher.

Last week, the Major Markets pulled back as investors weighed the growing cost of AI against otherwise solid corporate earnings.