Move over Apple and Tesla, it's the rest of the market's turn to play.
 | WED, SEP 02, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 131.40 | -2.78 | -2.07% | | INTC | 52.25 | +1.46 | +2.87% | | MSFT | 231.65 | +4.38 | +1.93% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 131.40 | -2.78 | -2.07% | | GE | 6.44 | +0.25 | +4.04% | | F | 6.95 | +0.12 | +1.76% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 131.40 | -2.78 | -2.07% | | TSLA | 447.37 | -27.68 | -5.83% | | AAL | 13.23 | +0.13 | +0.99% | |
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Move over Apple and Tesla, it's the rest of the market's turn to play. Apple and Tesla both fell Wednesday as traders took profits from the high-flying names and loaded up on more beaten-down stocks. Coca-Cola and IBM — which are both down year to date — were among the best-performing Dow names, rising 4.1% and 3.9%, respectively. At the S&P 500 sector level, utilities outperformed with a gain of 3.1%. The sector is down 7% in 2020. This apparent rotation led to value stocks outperforming their growth counterparts as a group. The iShares Russell 1000 Value ETF (IWD) gained 1.6%, while the iShares Russell 1000 Growth ETF (IWF) rose 1%.  Broader participation is usually seen as a positive for the market. More stocks and sectors taking parting part in a rally eases fears that the market is being powered by a small group of names. This is not the first time in 2020 that value has outperformed growth, but those instances have been short-lived. Year to date, the IWF exchange-traded fund has surged over 32%, while the IWD has lost more than 8% of its value. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
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