Today’s buying has been broad-based to this point in the session with the mega caps, growth stocks, and cyclical sectors leading the charge. The Vanguard Mega Cap Growth ETF (MGK) is up 2.5% versus a 2.1% gain in the Invesco S&P 500 Equal Weight ETF (RSP) and a 1.9% gain in the S&P 500. The Russell 3000 Growth Index (+2.3%) is outpacing the Russell 3000 Value Index (+1.7%).
Semiconductors are having a strong showing after selling off sharply recently. The PHLX Semiconductor Index is up 3.3% with nearly every component in the green.
Countercyclical sectors are lagging with utilities (-0.2%), consumer staples (+0.6%), and health care (+0.6%) trailing the broader market. Energy (+0.9%) is another relative underperformer but has improved during the session as oil prices have rebounded above $91.00/bbl.