EDITOR'S NOTE
Move over Apple and Tesla, it's the rest of the market's turn to play.
Apple and Tesla both fell Wednesday as traders took profits from the high-flying names and loaded up on more beaten-down stocks. Coca-Cola and IBM — which are both down year to date — were among the best-performing Dow names, rising 4.1% and 3.9%, respectively. At the S&P 500 sector level, utilities outperformed with a gain of 3.1%. The sector is down 7% in 2020.
This apparent rotation led to value stocks outperforming their growth counterparts as a group. The iShares Russell 1000 Value ETF (IWD) gained 1.6%, while the iShares Russell 1000 Growth ETF (IWF) rose 1%. Broader participation is usually seen as a positive for the market. More stocks and sectors taking parting part in a rally eases fears that the market is being powered by a small group of names. This is not the first time in 2020 that value has outperformed growth, but those instances have been short-lived.
Year to date, the IWF exchange-traded fund has surged over 32%, while the IWD has lost more than 8% of its value.
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Rabu, 02 September 2020
Dow surges 450 points | Big Tesla investor sells some shares | Michael Jordan teams up with DraftKings
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