Despite Thursday’s sell-off, a market rotation still appears to be theme of the week

The S&P 500 and Nasdaq Composite are down 1.26% and 2.87%, respectively, heading into Friday. On the other hand, the Dow is up 1.66% and the small cap Russell 2000 is up 2.33%.

That divergence has been encouraging to some Wall Street pros who had worried that the market rally was becoming too dependent on a handful of massive tech stocks.

“The internals of the market are very healthy,” Evercore ISI strategist Julian Emanuel said.

“If you look at the last several months, we’ve literally gone up in a straight line until the last three or four days. To us, we’re not bothered by this pullback here,” he added.

Investors will get an updated look at the health of the consumer and the financial sector on Friday, with a handful of key earnings reports due out. American Express, Travelers, Comerica and Fifth Third are all expected to report results before the opening bell.

Investors will also be keeping an eye on the the political sphere, where Donald Trump is ramping up his campaign as the Republican National Convention draws to a close and President Joe Biden is under pressure from fellow Democrats to bow out of the race.