The U.S. stock market suffered the worst start to year in over two decades, with the S&P 500 and the Nasdaq 100 dropping 0.6% and 1.7%, respectively, on Tuesday.
This downturn was primarily instigated by a widespread sell-off in the technology sector, as investors adopted a more cautious stance following a robust market rally in the final two months of 2023.
Interestingly, not all segments of the equity market were equally affected by this early-year turbulence. Value-related stocks managed to weather the storm, avoiding losses and even posting modest gains during the first trading session of the year.
Notably, the iShares Core S&P U.S. Value ETF (NYSE:IUSV) closed 0.6% higher on Jan. 2, reaching new all-time highs. On the flip side, the iShares Core S&P U.S. Growth ETF (NYSE:IUSG) experienced a stark contrast, with a 1.6% decline on the same day. This performance left it trailing 13% below its previous record high, set in November 2021.
One noteworthy indicator that reflects the divergence between these two equity styles is the value-to-growth ratio, which measures the relative strength of value stocks compared to growth stocks. On the first trading day of the year, this ratio surged by 2.2%, marking its most robust single-day performance since October 2022 and reaching levels last seen in May 2023.
This demonstrates that after the strong tech-led rally in 2023, investors are reevaluating their preferences and potentially shifting towards value stocks as they seek stability and potentially undervalued opportunities in 2024.
Value Stocks: Top Gainers
Top gainers among value-related stocks on Jan. 2 were:
Moderna, Inc. (NASDAQ:MRNA): 13.12%
Viatris Inc. (NASDAQ:VTRS): 5.17%
Travel Leisure Co. (NYSE:TNL): 4.35%
Las Vegas Sands Corp (NYSE:LVS): 4.31%
Marriott Vacations Worldwide Corporation (NYSE:VAC): 4.26%
Top contributors to the iShares Core S&P U.S. Value ETF's performance were:
Berkshire Hathaway Inc (NYSE:BRK): 1.63% (+5bp Contribution)
Exxon Mobil Corporation (NYSE:XOM): 2.38% (+5bp Contribution)
Johnson & Johnson (NYSE:JNJ): 2.06% (+4bp Contribution)
UnitedHealth Group Incorporated (NYSE:UNH): 2.44% (+4bp Contribution)
Merck & Co., Inc. (NYSE:MRK): 3.87% (+3bp Contribution).
Top contributors to the value performance in the last month:
JPMorgan Chase & Co. (NYSE:JPM): Return: 20.57%, Contribution: +47bp
Intel Corporation (NASDAQ:INTC): Return: 35.24%, Contribution: +31bp
Bank of America Corporation (NYSE:BAC): Return: 27.98%, Contribution: +28bp
Wells Fargo & Company (NYSE:WFC): Return: 25.65%, Contribution: +20bp
Verizon Communications Inc. (NYSE:VZ): Return: 25.03%, Contribution: +18bp
美国股市经历了二十多年来最糟糕的开局,标准普尔500指数和纳斯达克100指数周二分别下跌0.6%和1.7%。
这种低迷主要是由科技行业的广泛抛售引发的,因为在2023年最后两个月的市场强劲反弹之后,投资者采取了更为谨慎的立场。
有趣的是,并非股票市场的所有细分市场都同样受到年初动荡的影响。价值相关股票设法渡过难关,避免了损失,甚至在今年的第一个交易日中小幅上涨。
值得注意的是,iShares Core标准普尔美国价值ETF(纽约证券交易所代码:IUSV)在1月2日收盘上涨0.6%,创下历史新高。另一方面,iShares Core标准普尔美国增长型ETF(纽约证券交易所代码:IUSG)形成鲜明对比,同日下跌1.6%。这一表现使其比2021年11月创下的历史新高低了13%。
反映这两种股票风格差异的一个值得注意的指标是价值增长率,它衡量了价值股票与成长型股票相比的相对强度。在今年的第一个交易日,该比率飙升了2.2%,这是自2022年10月以来最强劲的单日表现,并达到2023年5月的最高水平。
这表明,在2023年科技股主导的强劲反弹之后,投资者正在重新评估他们的偏好,并有可能转向价值型股票,因为他们在2024年寻求稳定和可能被低估的机会。
价值股:涨幅最大的股票
1月2日,价值相关股票中涨幅最大的是:
Moderna, Inc.(纳斯达克股票代码:MRNA):13.12%
Viatris Inc.(纳斯达克股票代码:VTRS):5.17%
旅行休闲公司(纽约证券交易所代码:TNL):4.35%
拉斯维加斯金沙集团(纽约证券交易所代码:LVS):4.31%
万豪度假全球公司(纽约证券交易所代码:VAC):4.26%
iShares Core标普美国价值ETF表现的主要贡献者是:
伯克希尔哈撒韦公司(纽约证券交易所代码:BRK):1.63%(+5个基点的捐款)
埃克森美孚公司(纽约证券交易所代码:XOM):2.38%(+5个基点的捐款)
强生公司(纽约证券交易所代码:JNJ):2.06%(+4个基点的捐款)
UnitedHealth Group Incorporated(纽约证券交易所代码:UNH):2.44%(捐款额+4个基点
默沙东公司(纽约证券交易所代码:MRK):3.87%(捐款额+3个基点)。
上个月价值表现的主要贡献者:
摩根大通公司(纽约证券交易所代码:JPM):回报率:20.57%,贡献:+47bp
英特尔公司(纳斯达克股票代码:INTC):回报率:35.24%,贡献:+31bp
美国银行公司(纽约证券交易所代码:BAC):回报率:27.98%,贡献:+28bp
富国银行(纽约证券交易所代码:WFC):回报率:25.65%,缴款:+20bp
威瑞森通讯公司(纽约证券交易所代码:VZ):回报率:25.03%,贡献:+18bp