The small-cap index is at its highest for the month. Which stocks grew the most?

The Russell 2000 Index, a benchmark for small and mid-cap companies, jumped 3.4% in early trading on April 8, to its highest level in more than a month. This could be the best result of the index for the last two months, writes Barron's. However, the momentum slowed thereafter. Nevertheless, the Russell 2000 showed the largest growth among the major U.S. indices on Wednesday, adding almost 3%.

Investor optimism was sparked by a truce agreed to late Tuesday night by the U.S., Israel and Iran. Among other things, it included Tehran's promise to restore traffic through the Strait of Hormuz.

Here are the top 10 small-cap stocks that posted the biggest gains on April 8, according to MarketWatch.

- Sleep Number, a developer and manufacturer of smart beds. Its quotations soared by 60%.

- Spire Global is a data analytics company that works at the intersection of space and cloud. Its shares rose by almost 32%.

- Aehr Test Systems , a developer and manufacturer of semiconductor test systems, increased its capitalization by 25%.

- Chegg is an educational technology company. Its value increased by 22% at the end of trading on April 8.

- CDT Equity is a data-driven biotech focused on identifying and developing promising therapeutic assets. (up 21%).

- Outlook Therapeutics, a biopharmaceutical company (up 17.4%).

- Immunotherapy drug developer Tevogen Bio Holdings (up 16.7%).

- Hut 8 Corp, which specializes in bitcoin mining, data center management and energy infrastructure development (up 16.7%).

- Real estate investment company Transcontinental Realty Investors (up 15%).

- Solo Brands, a developer and marketer of outdoor recreation products including apparel, barbecues and folding origami kayaks (up 14.7%).

The Russell 2000 has been a growth leader among the major U.S. indexes at the start of 2026, setting eight records in January alone.

But the conflict in the Middle East changed everything: on March 20, the index was the first to enter the correction zone, CNBC recalls. Small-cap companies tend to operate in cyclical industries and are sensitive to rising energy prices, Barron's explains. They are also acutely affected by the cost of borrowing - due to fears about the acceleration of inflation caused by the war in Iran, investors have weakened expectations of a reduction in the U.S. Federal Reserve rate and even began to admit that it will be raised.

Since then, the Russell 2000 has partially recovered and is up about 5% YTD, while the Dow, Nasdaq and S&P 500 remain down.

Small-cap and emerging-market stocks could show "more upside potential in a recovery rally," Truist Advisory Services Chief Investment Officer Keith Lerner predicted in an investment note cited by MarketWatch. However, he cautioned: "While we continue to see upside, the trajectory is likely to be choppy given that this is a truce and not a final agreement."