Bloomberg writes for the fifth consecutive session value stocks are beating growth as the info tech sector lags. Value has not beaten growth in six straight sessions since the start of 2022.
For the month, growth stocks are down 3.7% while value is up 0.2%. Bloomberg writes that over 350 S & P 500 companies rose yesterday.
Is this the start of a longer-lasting trend or will it just be noise as was the case in years past? Over the years, many have called for such a transition, only for growth to come roaring back. NVDA’s earnings are released tomorrow. An argument can be made that this could validate or invalidate the current six-day trend.
Treasuries were relatively quiet with yields remaining in a tight trading range.
Today another sentiment survey is released. Will it validate recent surveys that indicated rising inflationary expectations?
Last night the foreign markets were mixed. London was up 0.42%, Paris up 0.04% and Frankfurt up 0.19%. China was down 0.80%, Japan down 1.39% and Hang Seng down 1.32%.
Futures are insignificantly lower as chipmakers continue their slide on US efforts to limit China’s technological prowess. Bitcoin tumbled below $90,000 to hit the lowest since mid-November. The 10-year is up 21/32 to yield 4.32%.
Kent Engelke
Chief Economic Strategist Managing Director
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