There hasn't been a better time to own the Russell 2000 since the year 2000. The five-day rally from 2029 to 2251 is a whopping 10.9% including 2.9% today.
This run is the best five-day run since April 2000, according to Tom Hearden.
That period in April/May 2000 was a counter-trend rally after the 1999/2000 tech bust and recession. The index later crashed in Aug/Sept 2001 as part of a violent history throughout that era that included 50% moves that later retraced and then sprung again. The influence of the Fed is certainly visible in some of these moves.
I don't see many comparables between now and then as I see this era and the latest move as part of a breakout from a long period of consolidation. That said, the market is certainly sniffing out a Fed rate cut and some benefits from AI on margins (though here is a compelling argument against AI valuations).