Small-cap stocks are having quite the Thursday. The Russell 2000 charged to fresh record territory, coming within striking distance of its late-October peak as investors loaded up on the most rate-sensitive corners of the market. The reason? Everyone's looking ahead to next week's Federal Reserve meeting with the kind of certainty you rarely see in markets.

Traders are assigning nearly 90% probability to a third consecutive 25-basis-point rate cut from the Fed. That's not exactly nail-biting suspense. What's more interesting is how far out these expectations run—markets are fully pricing in two more cuts by June of next year, with close to 50-50 odds on a third cut landing by year-end. When the cutting cycle stretches that far into 2026, small caps start looking pretty attractive.

By 12:50 p.m. in New York, the Russell 2000 had climbed 1% to 2,535, just barely shy of its 2,540 record from late October. Meanwhile, the big boys weren't feeling the love. The S&P 500 was flat, and both the Nasdaq 100 and Dow Jones were slipping slightly into negative territory.

Nuclear Energy Gets Its Moment

If small caps were the main story, nuclear energy stocks were the subplot that stole the show. After Nvidia Corp. (NVDA) CEO Jensen Huang came out saying nuclear power will be essential to meet the enormous electricity demands of AI data centers, the sector lit up like, well, a reactor core.

The VanEck Uranium and Nuclear ETF (NLR) jumped more than 4%—its strongest session since late October—and has now gained in seven of the past eight trading days. That's a 14% run over that stretch, which is the kind of momentum that gets people's attention.

Individual nuclear stocks followed the script. OKLO Inc. (OKLO) climbed 14%, NuScale Power Corp. (SMR) rose 13%, and Nano Nuclear Energy Inc. (NNE) added 9%. When the CEO of one of the world's most important tech companies makes a case for your industry's necessity in the AI age, that tends to move the needle.

Earnings Winners and Losers

Dollar General Corp. (DG) led the S&P 500 gainers with a 12% surge after delivering stronger-than-expected earnings and upbeat guidance. The discount retailer hit its highest level since August 2024, which is no small feat given the challenging retail environment. Salesforce Inc. (CRM) also had a good day, adding nearly 4% following positive results.

But not all earnings reports got a warm reception. Snowflake Inc. (SNOW) tumbled 11% as its growth slowed in the third quarter—always a tough sell for a company valued on growth expectations. The Kroger Co. (KR) dropped 4.4%, joining the list of Thursday's disappointments.

Among the megacaps, Intel Corp. (INTC) gave back some of its recent gains, sliding nearly 7% after an impressive eight-session rally that had taken the stock up 30%. Sometimes you just need a breather after a run like that.

Crypto and Commodities

Bitcoin (BTC) slipped 1.2% to $92,400 after two days of gains, taking a pause but still sitting well above the levels that would have seemed fantastical not long ago. Gold, meanwhile, inched 0.2% higher to $4,210 per ounce, extending its remarkable year-to-date rally to 60%. That's the kind of performance that reminds you why people still care about shiny rocks.

Thursday's Performance In Major US Indices, ETFs

According to market data:

• The Vanguard S&P 500 ETF (NYSE:VOO) flattened at $628.66.
• The SPDR Dow Jones Industrial Average (NYSE:DIA) inched 0.1% down to $479.15.
• The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) eased 0.2% to $621.84.
• The iShares Russell 2000 ETF (NYSE:IWM) rallied 1% to $252.08.
• The Industrial Select Sector SPDR Fund (NYSE:XLI) outperformed, up 0.6%; the Health Care Select Sector SPDR Fund (NYSE:XLV) lagged, down 0.7%.

Russell 1000's Top 5 Gainers And Fallers On Thursday