Stock market turmoil: Tech giant growth stocks get cold shoulder 👀
On the stock market front, shares were never able to rebound to the previous day's close as the market couldn't shake off dissatisfaction with Alphabet and Meta's underperformance, with the Nasdaq falling as much as -2.3% before the close, and ultimately Down -1.7%, the S&P 500 (SPX) fell 1%. Notably, despite the recovery in bond yields, the S&P 500's value stocks surprisingly outperformed growth stocks (a gap of about 2%). We may be witnessing a minor rotation away from large-cap tech and growth stocks and back into value stocks, as the market becomes increasingly convinced that the rise in term premia is here to stay.
