Russell 2000 ETF $IWM Falls to $206.99, Down 8.8% Since Fed Press Conference; 10.1% July Rally Erased

The Russell 2000 index, represented by the iShares Russell 2000 ETF ($IWM), has experienced significant declines in early August 2024. Following a strong rally of 10.1% in July, the index has given up nearly all of its gains, with a notable drop of 8.8% since the Federal Reserve's press conference on July 31. As of August 2, $IWM has fallen to a low of $206.99, down from a peak of $228 just days earlier. Analysts indicate that the small-cap sector is under pressure, exacerbated by disappointing jobs data. The index is now approximately 50 points away from losing its post-CPI rally gains. Observers note that the recent performance marks one of the worst sessions for $IWM since November 2022, highlighting a rapid decline of over 9% from its recent highs. Market participants are closely watching the 2100 level in the Russell 2000 for potential support.