Stock Market Update
27-Sep-24 11:30 ET
Mega-cap stocks on defensive
Dow +443.48
at 42618.59,
Nasdaq -38.87
at 18151.40,
S&P +9.63
at 5755.00
[BRIEFING.COM] Quite an interesting tape today. The Vanguard Mega-Cap Growth ETF (MGK 320.62, -1.97, -0.6%) moved to new session lows recently while the Russell 2000 moved to new session highs. That dynamic is consistent with a reallocation trade that involves paring positions in mega-cap names and reallocating to small-cap stocks.
The reallocation doesn't stop there. Mid-cap stocks are outperforming; and other S&P 500 sectors are even outperforming at the expense of the mega-cap issues. Ten of the 11 S&P 500 sectors are higher. The information technology sector is down 1.0%.
The consumer discretionary sector (+0.01%) is a relative laggard, but of course that is where the mega-cap Amazon.com (AMZN 188.26, -2.90, -1.5%) resides.
