Value outperforming growth
The S&P 500 is trading modestly higher by 0.5% while the Nasdaq has returned into negative territory (-0.4%). There's a divergence between value and growth stocks today. For example, the Russell 1000 Value Index is up 1.3% right now, while the Russell 1000 Growth Index is down 0.1%. Most of the mega-caps are struggling but also the smaller growth stocks with higher beta. The ARK Innovation ETF (ARKK 97.41, -1.20, -1.2%) is down 1.2% and is trading at a 52-week low.Conversely, the cyclical financials (+2.0%), industrials (+1.8%), energy (+1.8%), and materials (+1.4%) sectors are each up 1.0%, suggesting that the market is setting aside Omicron worries.