The S&P 500 ended up slightly and the Nasdaq fell on Monday as investors extended a rotation into value stocks from heavyweight tech-related names while awaiting news on progress in a U.S. fiscal support bill.
Value stocks, which tend to outperform growth coming out of a recession, have gotten a lift in recent days. The Russell 1000 value .RLV index rose, while the Russell 1000 growth .RLG index slipped.
Similar rotations in recent years have not lasted very long, said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago. “Part of the reason the S&P 500 has been held back is we’re starting to see yet another rotation to value and away from growth,” he said. “That tends to hold back the S&P because it’s so dominated by big tech.”
But, he said, at this point, “I’m looking at this more as a correction of growth than it is people abandoning stocks.” Bets on a potential coronavirus vaccine, historic fiscal and monetary support, and more recently, a better-than-expected second-quarter earnings season have brought the S&P 500 close to its February record closing high.
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