The summer equity rally in the United States is broadening beyond the megacap stocks that led earlier in the year. The Russell 2000, a barometer of smaller companies, has risen 34.1 percent from its 8 April trough, marking one of the strongest 94-day rebounds in the past two decades. Breadth indicators point to growing investor appetite for risk: the share of Russell 2000 constituents trading above their 200-day moving average jumped nearly nine percentage points on Friday, the biggest single-day improvement since November 2023. Gains were also evident in higher-beta shares. The S&P 500 High Beta Index advanced 3.28 percent on Friday, its best session since mid-May, while data from market-analytics firm t1alpha show that 85 percent of all U.S. listed stocks rose an average 2.5 percent that day. Over the past 20 trading sessions the S&P 500 has outperformed a composite of global risk-sentiment signals by almost two percentage points, according to Exante Data. Weekly figures underscore the shift below the index level. Although the S&P 500 added just 0.27 percent last week, the average stock gained 2.01 percent, with 387 constituents beating the benchmark. Energy led sector performance with a 2.8 percent rise, while technology lagged, slipping 1.6 percent. Market strategists say the widening participation could bolster confidence in the durability of the rally as investors head into the final weeks of August.