Small Caps Outperform
U.S. equities finished mostly mildly lower last week amid mixed takeaways on chipmaker earnings and concerns over Federal Reserve independence. Bellwether AI chipmaker Nvidia handily beat analysts’ topand bottom-line forecasts while its revenue forecast slightly trailed the highest so-called “whisper forecasts.” Even so, the PHLX Semiconductor SOX chipmaker Index tumbled 3% on Friday, weighing on broader market sentiment. Meanwhile, President Trump sought to fire Fed Governor Cook over alleged personal mortgage fraud.