The pathway forward for Wall Street and risky assets is becoming more perilous.
What began arguably with a momentary pivot in investor appetite from “growth” stocks — those stocks with a propensity to rise steadily based on growing sales and profitability - toward those viewed as undervalued by some metric, has morphed into something seemingly more lasting and more reflective of a market that is struggling to scale its latest wall of worry.
Growth stocks like Netflix, and the wider FAANG complex, have been in a nearly uninterrupted bullish trend for the past decade. A rotation, however, appears to be at hand, with measures of growth stock performance this month trailing value strategies handily. The Russell 1000 Growth RLG, -1.00% is down 0.9% so far in September, compared with a Russell 1000 Value Index RLV, -0.
A popular way to measure IPO performance, the Renaissance IPO ETF IPO, -2.65% is down 6.9% this week, marking its worst weekly decline since the week ended Dec. 21, 2018. It’s also the worst monthly decline, down 8.7%, for the exchange-traded product since December, according to FactSet data. The market overall has been stuttering for the past year, with the Dow gaining a meager 1.4% over the 12 months, the S&P 500 up 1.6% and the Nasdaq, weighed down by many of those growth names, down 1.3% over the same period.The U.S - China trade dispute and the wider geopolitical challenge posed by China’s growing economic, technological and military power may present the biggest hurdle for the market’s ascent.
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