Why are small caps, unloved tech, tech in general, the ASX200, and gold likely to move up?

It all comes as bets are increasing for the Fed to cut rates three times following the unexpected drop in both producer (PPI) and consumer (CPI) prices last week, with US inflation falling in June to 3.3% YoY and 0.1% MoM, the slowest pace since 2021. The September cut is almost fully priced in, with a 91% chance of a cut, and there's a 66% chance of a cut in November and an 87% chance of a cut in December. The Fed's Austan Goolsbee affirmed that inflation data is aligning with the Fed's path to its 2% goal.

For other economic focus points, see our economic calendar.

- Small caps: iShares Russell 2000 ETF $IWM hit its highest level since January 2022 on the rising chance of rate cuts. Also watch QQQ and SPY, which are home to more profitable businesses.

- Gold and gold stocks: The world's biggest gold miner, Newmont $NEM, which took over Newcrest, saw its shares hit a new 52-week high today. Newmont is worth watching as its forward revenue growth is expected to rise 49% this year and 8% next year. NEM is listed in the US and AU. Also, watch Northern Star $NST and Evolution Mining $EVN, which are expected to see revenue growth of 20-40% (with EVN expected to see 42% revenue growth this year and 16% next year).

- Australiass share market The Australian share market closed at a brand new all-time high of 8,017 points. Watch the biggest ETFs tracking the ASX200 (such as VAS $VAS and IVV $IVV). Pay attention to stocks setting higher highs and have strong earnings revenue growth, such as Life360 $360, Altium $ALU, REA $REA, and Xero $XRO, which hit 52-week highs today.

- Unloved chip giants: Intel, which has been quietly flying under the radar and now trades up 15% from its April bottom.