Stock Market Update

[BRIEFING.COM] There has been another attack on growth stocks today that has the broader market leaning to the weak side. Not all growth stocks are weak, yet the Russell 3000 Growth Index (-1.0%) can be used as a proxy for the generalization.

Names like DoorDash (DASH 204.26, -33.74, -14.18%), Duolingo (DUOL 186.50, -73.52, -28.27%), e.l.f. Beauty (ELF 77.50, -40.33, -34.23%), Robinhood Markets (HOOD 133.02, -9.46, -6.64%), Fortinet (FTNT 80.36, -5.63, -6.55%), and Axon (AXON 626.39, -13.14, -2.05%) are all lower after reporting their quarterly results. In some cases, like HOOD, it is predominately a sell-the-news response. In other cases, like DASH, ELF, and DUOL, it is because the results or guidance, in one way or another, were disappointing.

Value stocks, as a class, are holding their form better today, yet they are not strong. The Russell 3000 Value Index is down 0.1%.

Fittingly, there is some relative strength in the equal-weighted S&P 500 (-0.1) versus the market cap-weighted S&P 500 (-0.4%)