Value over growth
The S&P 500 is up 0.1% in an uneven session. Value stocks have a performance edge over the growth stocks. Value stocks are seeing increased buying interest as oil prices ($72.86, +2.40, +3.4%) rally 3%, the September Empire State Manufacturing Survey came in much better than expected, and industrial production for September increased in-line with expectations (unlike China, where it missed expectations). Casino stocks, particularly those with exposure to Macao, are seeing weakness, though, amid reports that China wants to increase regulation in the gaming industry. Shares of Wynn Resorts (WYNN 85.68, -6.58, -7.1%) are down 7% after falling about 10% yesterday amid Covid concerns. The Russell 1000 Value Index is up 0.5% while the Russell 1000 Growth Index is down 0.3%.