Russell 2000 futures were the strongest index for most of the session but gave up some gains after the FOMC decision. The high was reached after the summary of economic projections was released, but the Russell gave up 2.26% from its high. Six of the "magic seven" stocks experienced profit-taking, which is boosting the rotation trade of moving out of momentum stocks into small caps that still trail the three major indices in terms of long-term performance. The Fed's stance on a 25 basis point rate cut and anticipation of at least 50 basis points more cuts affects small caps more than large caps because they carry higher leverage and depend more on bank credit. Rate cuts could boost the Russell over time by lowering the average cost of capital.