With over 70% of the Russell 2000 reporting 3Q, results are mixed compared to the S&P 500 and Nasdaq 100. Only ~62% have posted a positive EPS surprise, compared to over 80% for the S&P 500 and Nasdaq 100. But small-cap stocks are thumping their bigger peers in terms of the aggregate surprise, almost 23% compared to ~9.5% for the S&P 500 and ~8% for the Nasdaq 100. small-cap 2022 EPS to rise about 29%. While that’s a big slowdown from 2020/21, it is more than double the Nasdaq 100 at ~9% and S&P 500 at ~7.9%. It makes sense -- small-cap profits tended to suffer more than mega-tech in the pandemic -- but it is also a sign of confidence in economic recovery.