S&P 500 subdued under 4800 ahead of Fed minutes as growth to value rotation continues By Frank_Macro SP500 Equities
g marginally softer just under 4790 but continues to trade within recent 4760-4820 ranges. The tech/growth stocks continue to underperform, even though long-term US bond yields are taking a breather from their recent run of gains. The Nasdaq 100 is as a result lower by a further 0.5% on Wednesday and trading in the 16.2K region having earlier tested 16.1K. The Dow, meanwhile, continues to outperform amid an underlying bid in “value” equity sectors such as energy, industrials and materials.
So-called value stocks continue to perform well in wake of recent upside in long-term bond yields which seems to have signalled positivity about the state of the US economy and itsfor 2022 and beyond. “Value”, sometimes also referred to as income-generating stocks or cyclical stocks, disproportionately derive their valuation from current earnings rather than expectations for future earnings growth. That means their price is more sensitive to perceptions about the strength of the economy .
A much stronger than expected estimate of the change in private US payrolls in December from ADP failed to impact equities, or bonds or FX markets for that matter. Markets seem much more focused on the upcoming Fed minutes release. Recall that in the December meeting, the US central bank doubled the pace of its QE taper and indicated three rate hikes were possible in 2022.
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