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The U.S. stock market suffered the worst start to year in over two decades, with the S&P 500 and the Nasdaq 100 dropping 0.6% and 1.7%, respectively, on Tuesday.
This downturn was primarily instigated by a widespread sell-off in the technology sector, as investors adopted a more cautious stance following a robust market rally in the final two months of 2023.
Interestingly, not all segments of the equity market were equally affected by this early-year turbulence. Value-related stocks managed to weather the storm, avoiding losses and even posting modest gains during the first trading session of the year.
Notably, the iShares Core S&P U.S. Value ETF (NYSE:IUSV) closed 0.6% higher on Jan. 2, reaching new all-time highs. On the flip side, the iShares Core S&P U.S. Growth ETF (NYSE:IUSG) experienced a stark contrast, with a 1.6% decline on the same day. This performance left it trailing 13% below its previous record high, set in November 2021.
One noteworthy indicator that reflects the divergence between these two equity styles is the value-to-growth ratio, which measures the relative strength of value stocks compared to growth stocks. On the first trading day of the year, this ratio surged by 2.2%, marking its most robust single-day performance since October 2022 and reaching levels last seen in May 2023.
This demonstrates that after the strong tech-led rally in 2023, investors are reevaluating their preferences and potentially shifting towards value stocks as they seek stability and potentially undervalued opportunities in 2024.
Read also: A Beginner Guide To Value Investing
Top gainers among value-related stocks on Jan. 2 were:
Top contributors to the iShares Core S&P U.S. Value ETF‘s performance were:
Top contributors to the value performance in the last month:
Read now: Tech Titans Tumble: ‘Magnificent Seven’ Shed $250 Billion in Market Cap On 2024 Day One
Photo: Shutterstock
Posted In: BAC BRK INTC IUSG IUSV JNJ JPM LVS MRK MRNA TNL UNH VAC VTRS VZ WFC XOM