Stock Market Update

[BRIEFING.COM] The mega-cap stocks dominated the price action in the recovery from the April 7 lows, but the start of the third quarter has seen a rotation away from several stocks in the space and into other parts of the market that trailed those names during the second quarter.

Accordingly, today's upside leaders are found in the small-cap stocks and mid-cap stocks, as well as the "other 493 stocks" in the S&P 500, evidenced by the 1.3% gain in the equal-weighted S&P 500. 

The market cap-weighted S&P 500 is down 0.2%, pressured by losses in the likes of Tesla (TSLA 300.71, -16.95, -5.34%), NVIDIA (NVDA 153.19, -4.80, -3.04%), Meta Platforms (META 716.82, -21.27, -2.88%), Microsoft (MSFT 491.67, -5.74, -1.15%), and Alphabet (GOOG 175.87, -1.52, -0.86%).

Elsewhere, the value factor is outperforming the growth factor today. The Russell 3000 Value Index is up 1.1% versus a 0.8% decline for the Russell 3000 Growth Index.