U.S. stocks rebounded during the week after a sharp Monday selloff. Early last Monday, the Russell 2000 Index of small-cap stocks was down 10% from its closing high on March 15, marking its first correction in more than a year.
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US equities were lower this week, with the S&P 500 down after three weekly gains including a fresh all-time high on Monday. Growth modestly outpaced value names.
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Most major U.S. stock indices closed out the quarter at or near record highs, following a tech-powered growth spurt in June. Investors have been rotating back into many of the favorite tech names that rose during the pandemic as inflation fears are easing, valuations are less rich, and low bond yields have folks hunting for higher returns.
The speakers at the event were Gabriella Herculano, CEO and founder of iClima Earth, Stephen Derkash, head of global products and ESG at EQM Indexes, Sam Dickens, portfolio manager at IG Group and Nicholas Mersch, portfolio manager at Purpose Investments
Stocks rebounded from the previous week's declines, taking the S&P 500 and NASDAQ indexes to new highs, recording their best gains since April.
Thanks to a confluence of factors, Value stocks have significantly outpaced their Growth peers year-to-date, with the Russell 1000 Value up 16.3% versus 11.2% for the year. But the performance gap between Value and Growth has been closing since its 10.3% spread at the end of the first quarter of 2021.
The Fed rattled markets with surprisingly hawkish comments after their June policy meeting last week, talking about earlier-than-expected rate hikes. Large caps held up better than small caps, and growth stocks outpaced value names thanks to sell-off in energy and financial names.
Falling treasury yields helped boost growth stocks last week, pushing the S&P 500 Index to a record closing high. While headline inflation rose 5% year-over-year in May, the fastest pace since 2008, with a 3.8% rise in core CPI (excluding food and energy), the Fed remained dismissive of the data attributing it to temporary factors that will soon abate.