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Core Viewpoint - The performance of U.S. technology stocks and small-cap stocks is expected to be a focal point in 2025, with the Russell 2000 index showing significant gains over the past 11 months, outperforming the Dow Jones Industrial Average [1][2][4]. Small-Cap Stocks Outlook - The Russell 2000 index, representing small-cap stocks, has risen over 13% this year, benefiting from a stable economic environment and low interest rates, which have supported small business growth [2][4]. - Market sentiment remains optimistic about small-cap stocks, especially with potential interest rate cuts from the Federal Reserve, which could lower borrowing costs for small companies [8]. - However, there are concerns regarding the rising U.S. Treasury yields and increased uncertainty in monetary policy for the upcoming year, which may impact small-cap stocks negatively [8][9]. Earnings and Profitability - Approximately 40% of the companies in the Russell 2000 index reported losses over the past year, with a similar percentage showing negative net profits in the most recent quarter [9]. - Despite these challenges, some analysts believe that the earnings outlook for small-cap stocks is improving, with expectations of stronger performance in the fourth quarter and into 2026 [10]. Technology Stocks and Market Dynamics - The technology sector, particularly the "Magnificent Seven" stocks, has significantly influenced the S&P 500 index, contributing to 42.5% of its gains [11]. - A prominent strategist suggests reducing exposure to these tech giants, advocating for a more balanced investment approach that includes sectors like finance, industrials, and healthcare [12]. - There are indications of a potential bubble in the U.S. tech sector, although core areas have not yet shown signs of a bubble [13][14].