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The small-cap Russell 2,000 ($IWM) has been underperforming, with a 3rd consecutive session of decline and a 1.57% drop, contrasting the S&P 500's ($SPY) 8th consecutive session of gains and a +4.5% increase for November. Small-caps' underperformance against large-caps and Big Tech has reached historic lows, with the Micro-Cap ETF ($IWC) down 12.4% YTD while the S&P 100 ($OEF) and Nasdaq 100 ($QQQ) are up 20%+ YTD. The divergence between small-caps and large-caps is evident, with small-caps showing a significant decline compared to the S&P 500's minimal increase.
