Growth and value stocks rising together
The S&P 500 is up 1.4% as both value and growth stocks rise together. Growth stocks are benefiting from a modest decline in Treasury yields following a better-than-feared Producer Price Index for September. Producer prices for final demand increased 0.5% m/m (Briefing.com consensus +0.6%) and the index for final demand, less foods and energy, increased just 0.2% (Briefing.com consensus +0.5%).The 10-yr yield is down two basis points to 1.53%. Value stocks are benefiting from a lower-than-expected weekly claims report. Initial jobless claims fell to their lowest level since the start of the pandemic at 293,000 (Briefing.com consensus 332,000).