Q2 Earnings, Bank Records, Apple #1: Reading the Rotation

SPY, the S&P 500 ETF, closed Monday at $743.29, down 0.99% from Friday's close and 2.2% below its all-time high of $760.40. That number tells you one thing. The next number tells you something different: IWM, the Russell 2000 ETF, is up 38.5% over the past 52 weeks, outpacing every major large-cap index. The market is not breaking down. It is redistributing. Key Takeaways SPY closed at $743.29 (-0.99%) on July 20, but IWM's 52-week gain of +38.5% leads all major indices, pointing to breadth expansion rather than deterioration. JPMorgan posted Q2 2026 net income of $21.2 billion ($7.70/share), the highest quarterly profit ever recorded by a U.S. bank, per Reuters; Bank of America reported Q2…