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The Fund seeks to track the investment results of the Russell 1000 Growth Index; the Underlying Index, which measures the performance of large- and mid-capitalization growth sectors of the U.S. equity market, as defined by FTSE Russell; the Index Provider or Russell.

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Lyft stock down as Uber partners with Waymo for autonomous rides in Austin and Atlanta by 2025. Uber diversifies offerings, Lyft cuts costs.

What&#39;s Going On With Lyft Stock On Friday?

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Investors await update on Nvidia&#39;s Blackwell chip rollout at upcoming Goldman Sachs conference, amid concerns flagged by analysts and key supplier Taiwan Semiconductor.

Nvidia Faces Investor Scrutiny Over Blackwell Chip Delays, Big Revenue Expected: Report

Huawei Overtakes Apple In China

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Huawei struggles to compete with Nvidia&#39;s dominant position in AI chip market, despite efforts to develop alternative. Demand for AI chips grows.

Nvidia Maintains AI Chip Dominance as Huawei Struggles to Compete: Report

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Lyft, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>) stock is down after rival Uber Technologies, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40855784/uber-stock-spikes-as-ceo-praises-waymos-fully-autonomous-trips" rel="noreferrer noopener">extended its collaboration</a> with Waymo, formerly known as the Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google Self-Driving Car Project.
Uber and Waymo look to launch autonomous ride-hailing in Austin and Atlanta with Jaguar I-PACE vehicles by 2025 via the Uber app.
Uber has led with its diversified offering, including food delivery, freight, and same-day delivery services, gradually shedding its image as a ride-hailing company.
Uber reported <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40187570/uber-q2-earnings-revenue-and-eps-beat-30m-trips-per-day-ceo-highlights-record-growth-and-more" rel="noreferrer noopener">fiscal second-quarter</a> 2024 topline growth of 16% to $10.70 billion, beating the&nbsp;analyst estimate of $10.57 billion. Revenue from Mobility grew to $6.13 billion, up 25%. Delivery&nbsp;was $3.29 billion, up 8%, and Freight was $1.27 billion.
Uber&#8217;s trips rose 21% to 2.8 billion, or 30 million per day, signaling a recuperation in rides on pandemic recovery.
Conversely, Lyft shared plans to <a target="_blank" href="https://www.benzinga.com/news/24/09/40705974/uber-rival-lyft-to-lay-off-1-of-employees-sell-assets-to-reduce-costs" rel="noreferrer noopener">lay off 1%</a> of its employees and dispose of assets related to its bike and scooter operations to contain operating costs.
Lyft had 2,945 employees as of December 31, 2023, after letting go of 1072 employees in April 2023.
Lyft reported <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40221512/lyft-q2-earnings-active-riders-increase-10-gross-bookings-surge-17-introduces-price-lock-feature" rel="noreferrer noopener">second-quarter sales</a> growth of 41%, reaching $1.44 billion, beating the analyst consensus of $1.39 billion. Lyft&#8217;s rides grew by 15% year over year to 205 million.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/13130212/newplot-11.png" alt="" class="wp-image-547492" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/13130212/newplot-11.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/13130212/newplot-11-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Uber stock is up 49% in the last 12 months. Lyft stock is down 0.18%.
Investors can gain exposure to Uber and Lyft through Vanguard Total Stock Market ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTI#NYSE">VTI</a>) and iShares Russell 1000 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWF#NYSE">IWF</a>).
Price Action: LYFT stock is down 4.68% at $11.08 at the last check on Friday.
Photo Courtesy Lyft

What's Going On With Lyft Stock On Friday?

Nvidia Corp&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) jittery investors await an update on its Blackwell chip rollout ahead of the Goldman Sachs Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) conference in San Francisco, where Nvidia chief Jensen Huang will speak with Goldman chief speak with&nbsp;David Solomon, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-10/nvidia-s-blackwell-chip-delay-is-center-stage-amid-stock-slump?srnd=phx-technology&amp;sref=TBDibEcD" rel="noreferrer noopener">reports</a>.
The stock took a 15% hit since it released <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40613050/nvidia-q2-earnings-guidance-top-street-view-as-ai-fuels-record-data-center-revenue-gross-margin-fal" rel="noreferrer noopener">its quarterly print</a> and disclosed Blackwell chip&#8217;s launch remains impaired by engineering snags.
CEO Jensen Huang&#8217;s assurances also failed to contain the meltdown. However, Nvidia expects &#8220;several billion dollars&#8221; of revenue from Blackwell in its fiscal fourth quarter.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/10104052/newplot-7.png" alt="" class="wp-image-540142" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/10104052/newplot-7.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/10104052/newplot-7-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Bloomberg reports that Zacks Investment Management client portfolio manager Brian Mulberry and Bank of America analysts flagged the delay as a potent concern in the absence of other positive catalysts for the stock. Mulberry expects Blackwell&#8217;s timely execution to contain the stock volatility.
Mai Capital Management portfolio manager Chris Grisanti, in <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40787302/nvidia-shares-riding-on-huge-ai-tailwind-says-portfolio-strategist-why-expert-says-" rel="noreferrer noopener">a CNBC interview</a>, snubbed the selloff backed by the ambitious artificial intelligence ambitions of cash-rich Big Tech giants like Microsoft&nbsp;Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and&nbsp;Amazon.Com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Amazon Web Services.
<a target="_blank" href="https://www.benzinga.com/news/24/09/40790997/taiwan-semiconductors-strong-august-sales-hint-at-big-gains-ahead-ai-and-iphone-demand-fuel-optimism" rel="noreferrer noopener">Meanwhile, Nvidia&#8217;s key</a> supplier, Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>), recorded 33% topline growth in August 2024, signaling optimism over the smartphone market recovery and continued demand for&nbsp;Nvidia&#8217;s&nbsp;artificial intelligence chips.
Despite the selloff, Nvidia stock is up over 137% in the last 12 months. Investors can gain exposure to the stock through iShares Russell 1000 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWF#NYSE">IWF</a>) and iShares S&amp;P 500 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVW#NYSE">IVW</a>).
Price Action: NVDA stock is down 0.37% at $106.08 at the last check on Tuesday.
Photo via Shutterstock

Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) continues to make waves in the artificial intelligence (AI) chip market, even as Chinese tech giant Huawei Technologies Co faces significant challenges in its bid to compete.
Despite Huawei&#8217;s efforts to create a domestic alternative with its Ascend series, the company&#8217;s software, particularly the Cann platform, reportedly struggles to match the ease of use and efficiency offered by Nvidia&#8217;s CUDA platform, industry insiders reveal, the Financial Times <a target="_blank" href="https://www.ft.com/content/3dab07d3-3d97-4f3b-941b-cc8a21a901d6" rel="noreferrer noopener">reports</a>.
Huawei, striving to compete against Nvidia&#8217;s well-established position, has taken proactive steps by dispatching engineers to assist clients like Baidu Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>), iFlytek, and Tencent Holding Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) in transitioning their systems from Nvidia&#8217;s CUDA to Huawei&#8217;s Cann.
Despite these challenges, Huawei has seen growing demand for AI chips, driven partly by supply constraints and the U.S. government&#8217;s tightened export controls on high-performance silicon.
<a target="_blank" href="https://www.benzinga.com/news/24/08/40659587/nvidias-blackwell-chip-potential-signals-strong-future-growth-analysts" rel="noreferrer noopener">Analysts remain optimistic</a> about Nvidia&#8217;s future despite challenges with its new Blackwell chips, which are nearly double the size of their predecessors and face manufacturing issues impacting yields and margins. Wall Street projects third-quarter revenue and EPS of $32.50 billion and $0.73.
Nvidia stock gained 146% in the last 12 months, buoyed by the AI frenzy. Investors can gain exposure to the stock through Vanguard Information Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) and iShares Russell 1000 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWF#NYSE">IWF</a>).
Price Action:&nbsp;NVDA stock traded down 7.65% at $110.24 at the last check on Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock

Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) recently launched a new line of Windows PCs with AI capabilities.
However, the Wall Street Journal <a target="_blank" href="https://www.wsj.com/tech/microsoft-rolled-out-ai-pcs-that-cant-play-top-gamesand-theres-no-quick-fix-0a1b6376?mod=tech_lead_story" rel="noreferrer noopener">reports</a> that these PCs, powered by Qualcomm Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) chips using designs from U.K.-based Arm Holdings Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>), need help with gaming compatibility.
Unlike the traditional Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>)- powered PCs that have dominated the market for decades, these new AI PCs require a translation layer to run most popular games like League of Legends and Fortnite. This results in glitches and performance issues.
Analysts predict these issues may be resolved over time, especially with the expected launch of Intel&#8217;s AI-powered chips later this year. These upcoming models could reclaim market share, particularly among gamers prioritizing performance and compatibility.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/03090625/newplot.png" alt="" class="wp-image-526972" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/03090625/newplot.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/03090625/newplot-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
This situation mirrors past struggles with ARM-based Windows devices. <a target="_blank" href="https://www.benzinga.com/news/24/08/40347392/apple-intel-and-amd-lead-charge-in-ai-capable-pc-market-surge-report" rel="noreferrer noopener">Canalys flagged that</a> Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) rules the AI PC market with its entire Mac lineup.
Intel, Advanced Micro Devices, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), and Qualcomm are among the other AI PC players. AI PC shipments reached 8.8 million in the second quarter of 2024, accounting for 14% of total PCs.
Microsoft&nbsp;stock gained over 25% in the last 12 months. Investors can gain exposure to the stock through iShares Russell 1000 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWF#NYSE">IWF</a>) and iShares S&amp;P 500 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVW#NYSE">IVW</a>).
<h2 class="wp-block-heading">Microsoft Stock Prediction For 2024</h2>
Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.
Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Microsoft, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Microsoft, the 200-day moving average sits at $410.92, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, which is below the current price of $417.74. For more on charts and trend lines, <a href="https://pro.benzinga.com/">see a description here.</a>
Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.
Price Action: MSFT stock is up 0.19% at $417.93 premarket at last check Tuesday.
Disclaimer: This content was produced with the assistance of AI tools and reviewed by Benzinga editors.
Photo via Microsoft

AAPL

INTC

QCOM

Microsoft's AI PCs Stumble With Game Compatibility: Report

Meta Platforms, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) political content control has cost its subscriber base.
The Instagram parent noted a significant plunge in the viewership of its popular accounts to the extent of 65% since a shift in its policy in March, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-08-12/instagram-shunning-politics-reduced-views-for-major-accounts?srnd=phx-technology&amp;sref=TBDibEcD" rel="noreferrer noopener">cited</a> a new study.
The viewership data for five notable Instagram accounts with a collective following of 13.5 million people, including those of&nbsp;Hillary Clinton&nbsp;and&nbsp;GLAAD, an LGBTQ activist group whose topics ranged from voting information, reproductive rights, and advocacy for marginalized groups noted a significant decline, Bloomberg cited researchers at&nbsp;<a target="_blank" href="https://accountabletech.org/" rel="noreferrer noopener">Accountable Tech</a>.
Meta focused on political content control for &nbsp;Instagram and Threads after facing flak for intensifying misinformation and partisan bias.
<a target="_blank" href="https://www.benzinga.com/news/24/06/39508227/meta-faces-backlash-over-instagram-threads-political-content-settings" rel="noreferrer noopener">Prior reports indicated</a> that Instagram and Threads users were grappling with an unexpected change in their political content settings.
Meta had&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/03/37715053/metas-strategy-against-election-disinformation-crowdtangle-shutdown-and-new-initiatives" rel="noreferrer noopener">faced global criticism</a> for role the January 6, 2021, Capitol riot vandalism.&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/07/39759624/meta-removes-heightened-penalties-on-donald-trumps-accounts-a-day-after-ex-president-threatens-to-pu" rel="noreferrer noopener">Meta had suspended former</a> U.S. President Donald Trump&#8217;s Facebook and Instagram accounts for two years after the incident.
Meta reinstated his accounts in February 2023 but emphasized that any further violations could result in &#8220;heightened penalties,&#8221; including suspensions lasting from one month to two years.
Meta Platforms stock has gained 69% in the last 12 months as it strives to generate shareholder value by growing its subscriber base for Instagram, Threads, Facebook while accomplishing its artificial intelligence ambitions as it battles competitors like TikTok and X. Investors can gain exposure to Meta Platforms through iShares S&amp;P 500 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVW#NYSE">IVW</a>) and iShares Russell 1000 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWF#NYSE">IWF</a>).
<h2 class="wp-block-heading">META Stock Prediction For 2024</h2>
Meta Platforms revenue growth in FY23 was 15.69%, reflecting the influence of various factors including the macroeconomic environment, demand for its products and services, and its position relative to competitors. This growth is a critical indicator for investors assessing the company&#8217;s future prospects.
Some macro factors that could impact the company's performance in the next year include higher interest rates, progress on reeling in inflation and labor market strength. The Fed's benchmark rate is currently at 5.33%, while PPI recently came in at 0.1%, growing 2.2% from last year. The unemployment rate was most recently reported as 4.3%.
An investor should pay attention to economic conditions to decide whether they think the macro environment is positive or negative for Meta Platforms stock. For real time economic data and breaking market updates, <a href="https://pro.benzinga.com/">check out Benzinga Pro. Try it for free.</a>
How does this stack up against Meta Platforms's peers?
Investors may also want to analyze a stock in comparison to companies with similar products or in similar industries. Meta Platforms operates in the Communication Services sector. The stock has experienced average annual growth of 12.07% compared to the -6.8% average of its peer companies. This is above the broader sector movement of Meta Platforms.
Price Action: META shares traded higher by 0.74% at $519.79 premarket at the last check on Tuesday.
Image Credits &#8211; Shutterstock

Government

Regulations

Meta's Policy Shift Takes A Toll On Instagram Engagement: Report

Meta Platforms, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) stock hit a 52-week and all-time high of $535.69 on Friday. The U.S. Big Tech remains aggressively invested in its artificial intelligence ambitions to unlock shareholder value.
Meta has introduced a new approach to artificial intelligence by releasing pre-trained models that utilize a novel multi-token prediction method. This new technique, detailed in a Meta research paper in April, represents a significant departure from traditional methods of training large language models (LLMs) to predict the next word in a sequence, Venture Beat <a target="_blank" href="https://venturebeat.com/ai/meta-drops-ai-bombshell-multi-token-prediction-models-now-open-for-research/" rel="noreferrer noopener">reports</a>.
Meta&#8217;s approach trains models to forecast multiple future words simultaneously, enhancing performance and drastically reducing training times.
Meta&#8217;s models may achieve a more nuanced understanding of language structure and context by predicting multiple tokens simultaneously.
This could significantly improve various tasks, such as code generation and creative writing. Meta has released these models under a non-commercial research license on Hugging Face.
Separate reports indicate Meta plans to incorporate more generative AI technology into its virtual reality (VR), augmented reality (AR), and mixed reality games to boost its metaverse strategy.
The company aims to develop new consumer experiences with innovative gameplay driven by generative AI, TechCrunch <a target="_blank" href="https://techcrunch.com/2024/07/02/meta-plans-to-bring-generative-ai-to-metaverse-games/" rel="noreferrer noopener">reports</a>.
According to a recent job listing, Meta seeks to research and prototype games that offer unique experiences each time they are played, utilizing non-deterministic paths.
The company also intends to build or collaborate with third-party creators and vendors to create generative AI-powered tools that enhance workflow and reduce time-to-market for games.
The primary focus will be on Horizon, Meta&#8217;s suite of metaverse games, apps, and creation tools.
Meanwhile, Meta&#8217;s Threads has grown to over <a target="_blank" href="https://www.benzinga.com/news/24/07/39620316/metas-threads-set-to-challenge-x-with-new-ad-strategy-report" rel="noreferrer noopener">175 million monthly users</a>, rapidly catching up to Elon Musk&#8217;s X, formerly Twitter.
Needham&nbsp;analyst Laura Martin&#8217;s conversations with former Meta employees revealed that generative AI already influences about 20% of Meta&#8217;s <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39580475/time-to-cash-out-analyst-recommends-tapping-into-meta-as-prime-funding-source" rel="noreferrer noopener">content generation and monetization</a>.
Martin anticipates Meta will increase GPU investments over the next 2-3 years, integrating generative AI throughout its monetization processes.
Meta stock has gained 80% in the last 12 months.&nbsp;Investors can gain exposure to the stock via The Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) and iShares Russell 1000 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWF#NYSE">IWF</a>).
Price Action: At the last check on Friday, META shares were trading higher by 4.65% at $533.69.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image made via photos on Shutterstock

Movers

Meta Platforms Stock Hits All Time High On Friday - What's Going On?

Exchange-traded funds (ETFs) focused on growth equities &#8211; characterized by robust revenue growth, high valuations, and strong potential for innovation – experienced elevated <a href="https://www.benzinga.com/etfs">inflows in June.</a>
This surge in interest towards growth-linked funds coincided with a significant outperformance of growth over value stocks, reflecting increased investor confidence in the tech sector and disruptive innovations like artificial intelligence.
The eight largest growth-linked ETFs by assets under management (AUM) collectively experienced a substantial $12.2 billion in inflows from the beginning of the month through June 24.
Leading the pack, the Vanguard Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VUG#NYSE">VUG</a>) saw the highest monthly inflows among its peers, attracting an impressive $5.68 billion. This remarkable figure is set to mark the Vanguard Growth ETF&#8217;s record monthly inflows, ranking second in June only to the nearly $10 billion attracted by the broader iShares Core S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVV#NYSE">IVV</a>). 
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Growth ETF</th>
<th>AUM</th>
<th>June Flows (as of June 24)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Vanguard Growth ETF </td>
<td>$139.84B</td>
<td>$5.68B</td>
</tr>
<tr>
<td>IShares Russell 1000 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWF#NYSE">IWF</a>)</td>
<td>$97.00B</td>
<td>$0.03B</td>
</tr>
<tr>
<td>IShares S&amp;P 500 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVW#NYSE">IVW</a>)</td>
<td>$52.96B</td>
<td>$4.01B</td>
</tr>
<tr>
<td>Schwab U.S. Large-Cap Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHG#NYSE">SCHG</a>)</td>
<td>$30.62B</td>
<td>$0.44B</td>
</tr>
<tr>
<td>SPDR Portfolio S&amp;P 500 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPYG#NYSE">SPYG</a>)</td>
<td>$29.40B</td>
<td>$0.47B</td>
</tr>
<tr>
<td>Vanguard Mega Cap Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGK#NYSE">MGK</a>)</td>
<td>$22.39B</td>
<td>$1.08B</td>
</tr>
<tr>
<td>Vanguard Russell 1000 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VONG#NYSE">VONG</a>)</td>
<td>$20.81B</td>
<td>$0.08B</td>
</tr>
<tr>
<td>IShares Core S&amp;P U.S. Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IUSG#NYSE">IUSG</a>)</td>
<td>$18.94B</td>
<td>$0.15B</td>
</tr>
<tr>
<td>Vanguard Small-Cap Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VBK#NYSE">VBK</a>)</td>
<td>$17.25B</td>
<td>$0.26B</td>
</tr>
</tbody>
<tfoot>
<tr>
<td>Total</td>
<td></td>
<td>$12.2B</td>
</tr>
</tfoot>
</table>
<figcaption class="wp-element-caption">Source: TradingView</figcaption></figure>
<h3 class="wp-block-heading">Growth Stocks Surge To Record Highs Against Value</h3>
The Vanguard Growth ETF&#8217;s relative performance against its counterpart, the Vanguard Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTV#NYSE">VTV</a>), set new record highs in June, surpassing the previous peaks achieved in November 2021, as illustrated in the chart below, <a href="https://www.benzinga.com/pro/register0524b?utm_source=BZprocontent062524&amp;t=be2bearmibe3na1">sourced from Benzinga Pro.</a>
The primary drivers of the growth style&#8217;s outperformance in June were tech giants Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), which saw robust rallies of 15% and 8.8%, respectively. 
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/pro/register0524b?utm_source=BZprocontent062524&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="1024" height="460" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/25160222/image-56-1024x460.png" alt="" class="wp-image-405212" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/25160222/image-56-1024x460.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/25160222/image-56-300x135.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/25160222/image-56-768x345.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/25160222/image-56-1536x690.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/25160222/image-56.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Read Next:
<ul>
<li> <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39440559/growth-stocks-leave-value-stocks-in-the-dust-4-reasons-for-biggest-monthly-lead-in-">Growth Stocks Leave Value Stocks In The Dust: 4 Reasons For Biggest Monthly Lead In Over A Year</a></li>
</ul>
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Tech, AI Drive $12.2B Inflows Into Growth ETFs, Marking Record Outperformance Over Value

Growth stocks are experiencing a remarkable resurgence, posting their best month in over a year when compared to value stocks, as the rally in tech and mega caps continues<a href="https://www.benzinga.com/markets"> to dominate market dynamics. </a>
The iShares Russell 1000 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWF#NYSE">IWF</a>) has surged by 6.5% so far in June 2024. This gain puts it on track for its seventh month of increases in the last eight.
Investors have shown elevated confidence in growth-oriented sectors, particularly technology, which continues to benefit from strong earnings reports, heightened expectations for future cash flows and positive market sentiment, especially towards AI-related industries.
In stark contrast, the iShares Russell 1000 Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWD#NYSE">IWD</a>), representing the other major equity style, has declined by 1.4% in June. 
This divergence highlights the challenges facing value stocks, which typically encompass sectors like financials, energy, utilities, and consumer staples. These sectors have struggled to attract investor interest due to their less impressive performance and subdued earnings expectations.
The performance gap between growth and value in June 2024 stands at a striking 7.9 percentage points, marking the most substantial monthly performance difference since May 2023. 
With one trading week remaining in the month, if the gap exceeds 9.6 percentage points, previously reached in March 2020, it will mark the largest one-month outperformance of growth over value ever recorded.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="500" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/21143747/image-50-1024x500.png" alt="" class="wp-image-400005" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/21143747/image-50-1024x500.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/21143747/image-50-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/21143747/image-50-768x375.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/21143747/image-50-1536x750.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/21143747/image-50.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">4 Key Factors Driving Growth&#8217;s Outperformance Over Value</h3>
Technology Sector&#8217;s Dominance in Growth ETFs: The technology sector&#8217;s heavy weighting in growth-related ETFs has been the main driver of their outperformance. In the Russell 1000 Growth ETF, tech stocks comprise a substantial 47% of the portfolio. In stark contrast, the Russell 1000 Value ETF allocates only 9.5% to tech stocks.
Impact of Chipmakers on Growth Performance: Within the tech sector, the substantial weighting of chipmakers in growth funds has been another critical factor, as they have been the main beneficiaries of the current AI-driven rally. The semiconductor sector represents 17% of the growth ETF, compared to a mere 4.2% in the value ETF.
Absence of Nvidia, Magnificent 6 In Value ETFs: Notably, &#8220;The Magnificent 6&#8221; – as named by Bank of America – Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), Amazon Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) – are absent from the value-linked ETF but collectively hold a 50% weight in the growth ETF.
Stock Concentration and Market Breadth Differences: The higher stock concentration in growth-related ETFs compared to value socks is another crucial factor, especially in the current context of poor market breadth. The top 10 stocks in the Russell 1000 Growth ETF comprise 57% of the overall portfolio, whereas the top 10 in the value-related ETF account for only 17% of the total weight.
<h3 class="wp-block-heading">Top 7 Performing Growth Stocks In June</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Price Chg. % (MTD)</td>
</tr>
<tr>
<td>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>)</td>
<td>26.85%</td>
</tr>
<tr>
<td>Texas Pacific Land Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPL#NYSE">TPL</a>)</td>
<td>22.95%</td>
</tr>
<tr>
<td>Sarepta Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRPT#NASDAQ">SRPT</a>)</td>
<td>22.88%</td>
</tr>
<tr>
<td>Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>)</td>
<td>19.95%</td>
</tr>
<tr>
<td>Oracle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>)</td>
<td>19.91%</td>
</tr>
<tr>
<td>CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>)</td>
<td>19.48%</td>
</tr>
<tr>
<td>Autodesk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADSK#NASDAQ">ADSK</a>)</td>
<td>19.04%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">As of June 21, 2024</figcaption></figure>
<h2 class="wp-block-heading">Top 7 Performing Value Stocks In June</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Price Chg. % (MTD)</td>
</tr>
<tr>
<td>Coherent Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COHR#NYSE">COHR</a>)</td>
<td>24.68%</td>
</tr>
<tr>
<td>DC Technology Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DXC#NYSE">DXC</a>)</td>
<td>20.23%</td>
</tr>
<tr>
<td>Guidewire Software, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GWRE#NYSE">GWRE</a>)</td>
<td>19.58%</td>
</tr>
<tr>
<td>Universal Display Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OLED#NASDAQ">OLED</a>)</td>
<td>18.71%</td>
</tr>
<tr>
<td>Ollie&#8217;s Bargain Outlet Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OLLI#NASDAQ">OLLI</a>)</td>
<td>18.52%</td>
</tr>
<tr>
<td>Zillow Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZG#NYSE">ZG</a>)</td>
<td>17.88%</td>
</tr>
<tr>
<td>Hewlett Packard Enterprise Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>)</td>
<td>16.29%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">As of June 21, 2024</figcaption></figure>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39431836/5-charts-expose-troubling-weaknesses-in-record-high-stock-market-this-is-not-normal">5 Charts Expose Troubling Weaknesses In Record-High Stock Market: &#8216;This Is Not Normal&#8217;</a>
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Growth Stocks Leave Value Stocks In The Dust: 4 Reasons For Biggest Monthly Lead In Over A Year

Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO Jensen Huang has long claimed that the world&#8217;s data centers will need a complete overhaul to handle the demands of generative artificial intelligence (AI).
He estimates it will take $1 trillion over the next four to five years, essentially doubling the existing investment in digital infrastructure, to train and run new AI models, the Financial Times <a target="_blank" href="https://www.ft.com/content/62875472-89f9-4fdf-b9be-076429e9ab25" rel="noreferrer noopener">reports</a>. Key contract chipmaker Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) is weighing rectangular substrates for AI chip packaging to better cater to <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39407413/whats-going-on-with-taiwan-semi-stock-thursday" rel="noreferrer noopener">the AI frenzy</a>.
Broadcom Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) shares have jumped more than 20% since it reported an AI-driven sales increase, highlighting the increasing importance of high-speed networking in data centers. It is another contender for a $1 trillion valuation.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39406855/whats-going-on-with-nvidia-stock-thursday" rel="noreferrer noopener">Nvidia Becomes World&#8217;s Most Valuable Company, Surpasses Microsoft and Apple: Report</a>
Meanwhile, software maker Oracle Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) soared 17% following news of a deal to train Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) OpenAI&#8217;s large language models on its cloud infrastructure.
Even Hewlett Packard Enterprise Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>), previously lagging in AI server demand, saw a 24% stock increase post-earnings.
Nvidia remains the biggest winner, with most of its sales coming from complete servers networked using its proprietary technologies.
Shankar Trivedi, senior vice president of enterprise business, said Nvidia strategically focuses on AI and actively engages with startups and industry partners. In an <a target="_blank" href="https://www.cnbctv18.com/technology/exclusive-nvidia-prioritises-collaboration-over-competition-to-drive-ai-revolution-19431400.htm" rel="noreferrer noopener">exclusive interview</a> with CNBC-TV18, Trivedi emphasized Nvidia&#8217;s commitment to collaboration over competition. Nvidia maintains an inclusive approach, partnering even with potential competitors.
Nvidia places significant importance on nurturing startups, with an extensive program that spans India and globally.
Wedbush analyst Dan Ives predicts Nvidia <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39421667/nvidia-leads-race-to-4-trillion-market-cap-analyst-praises-godfather-jensen-in-four" rel="noreferrer noopener">to be the</a> first to reach a $4 trillion market cap, as its GPU chips are crucial for AI development.
Nvidia stock gained close to 204% in the last 12 months. Investors can gain exposure to the stock via iShares Russell 1000 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWF#NYSE">IWF</a>) and Vanguard Information Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>).
Price Action:&nbsp;NVDA shares traded lower by 1.32% at $129.05 premarket at the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

What's Going On With Nvidia Stock Friday?

Spotify Technology SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) will introduce a higher-priced premium plan later this year, charging users at least $5 more monthly for better audio and new playlist tools.
Spotify's stock is trading higher on Tuesday.
The plan will be an add-on for existing customers, generating additional revenue for the company, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-06-11/spotify-to-introduce-more-expensive-subscription-tier-for-music-lovers?sref=TBDibEcD" rel="noreferrer noopener">reports</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/05/39010168/spotify-discontinues-car-thing-device-shifts-focus-to-new-user-features" rel="noreferrer noopener">Spotify Discontinues Car Thing Device, Shifts Focus to New User Features</a>
The new tier, dubbed "Supremium," will vary in price based on the user's base plan but will average a 40% markup, Bloomberg notes.
Among the benefits for upgraded subscribers is access to high-fidelity audio, a feature Spotify announced in February 2021 but delayed. Competitors like Amazon.Com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Amazon Music, and Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) Apple Music now offer higher-quality audio as part of their standard plans.
The new subscription tier follows recent price hikes, with the standard paid tier in the U.S. increasing to $11.99 monthly. This premium plan could significantly boost Spotify's revenue, which is shared with music rights holders.
Subscribers will also get custom playlists generated based on their behavior.
Last week, the company <a target="_blank" href="https://www.benzinga.com/general/entertainment/24/06/39138449/spotify-turns-up-the-volume-on-pricing-premium-plans-see-a-hike" rel="noreferrer noopener">hiked prices for</a> its premium plans in the U.S. to boost its margins.
In April, Spotify reported a quarterly gross margin growth of 243 bps to&nbsp;27.6%, reflecting improved podcast and music profitability. Premium subscribers improved by 14% to 239 million.
Spotify stock gained over 105% in the last 12 months. Investors can gain exposure to the stock via iShares Russell Midcap Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWP#NYSE">IWP</a>) and iShares Russell 1000 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWF#NYSE">IWF</a>).
Price Action: At the last check Tuesday, SPOT shares were trading higher by 1.13% at $312.50.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/04/38493319/spotify-co-founder-daniel-ek-cashes-out-more-spotify-stock-shifts-focus-to-tech-and-climate-startups" rel="noreferrer noopener">Spotify Co-founder Daniel Ek Cashes Out More Spotify Stock, Shifts Focus to Tech and Climate Startups</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Cezar Sampaio on Unsplash

iShares Trust Russell Midcap Growth Index Fund

SPOT

What's Going On With Spotify Stock On Tuesday?

Bank of America&#8217;s technical analyst Stephen Suttmeier shed light on the diverging paths of <a href="https://www.benzinga.com/money/best-growth-stocks">value and growth stocks</a>, underscored by the performance of the iShares Russell 1000 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWF#NYSE">IWF</a>) and the iShares Russell 1000 Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWD#NYSE">IWD</a>). 
Despite both reaching unprecedented heights, the future seems to favor one over the other, as Suttmeier <a href="https://www.benzinga.com/topic/expert-ideas">highlighted in a note. </a>
<h3 class="wp-block-heading">A Diverging Path: The Growth vs. Value Dichotomy</h3>
Over the past year, the gap between growth and value has widened, with growth outperforming value by 20 percentage points. 
This divergence has become even more pronounced over the last seven years, reaching a staggering near 100 percentage point difference. 
Chart: Growth Stocks Outperform Value, Doubling Relative Performance Over 7-Year Period
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/25123828/image-52-1024x495.png" alt="" class="wp-image-264258" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/25123828/image-52-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/25123828/image-52-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/25123828/image-52-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/25123828/image-52-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/25123828/image-52.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
The underperformance of value stocks compared to growth is notably attributed to the absence of the so-called Magnificent 7 stocks in its portfolio. This includes tech giants and industry leaders absent from the IWD&#8217;s top holdings.
The iShares Russell 1000 Value ETF features Berkshire Hathaway Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NYSE">BKR</a>), JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), and ExxonMobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) as its top three holdings, with weights of 3.5%, 2.7%, and 2.1%, respectively. 
Conversely, the iShares Russell 1000 Growth ETF boasts Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) as its top three holdings, with weights of 12.1%, 9.5%, and 8.2%, respectively.
Notably, the growth ETF is heavily concentrated in three sectors — technology, consumer discretionary, and communication services. These sectors account for over 70% of the ETF&#8217;s composition, with the top 10 holdings comprising more than 50% of the portfolio. 
Conversely, the value ETF demonstrates greater diversification across sectors and stocks, with financials, industrials, and healthcare collectively making up 50% of its portfolio. Moreover, the top 10 holdings represent only 17% of the value ETF&#8217;s portfolio.
Technical Analysis: Value vs. Growth
From a technical standpoint, Bank of America&#8217;s analysis indicates that IWF has breakout point supports near 312 and 287-285, with upward pattern counts from its 2022-2023 cup and handle pattern at 370 and 420. Following a bullish triangle completion in 2022-2023, IWF has surged to new all-time highs, suggesting further upside potential.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/25124228/image-53-1024x495.png" alt="" class="wp-image-264264" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/25124228/image-53-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/25124228/image-53-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/25124228/image-53-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/25124228/image-53-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/25124228/image-53.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
On the other hand, IWD shows breakout point supports at 171-169 and in the low 160s, with a bullish triangle target from 2022-2023 at 195 and an additional upside count at 208. 
While both ETFs demonstrate potential for further gains, the analyst emphasizes that Growth has maintained its market leadership, whereas Value remains in a long-term lagging trend compared to the S&amp;P 500 index.
Despite IWF&#8217;s relative strength stalling at its 2020 and 2021 highs versus the SPX, the leadership trend for Growth remains intact, particularly above its bullish and rising weekly relative Moving Averages (MAs). 
Conversely, the lagging trend for IWD versus the SPX persists below the declining 13-, 26-, and 40-week MAs, along with chart resistance at the January 2024 lower high and the prior 2021-2020 lows relative to the SPX.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/25124506/image-54-1024x495.png" alt="" class="wp-image-264267" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/25124506/image-54-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/25124506/image-54-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/25124506/image-54-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/25124506/image-54-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/25124506/image-54.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37915971/apple-analysts-unmoved-by-antitrust-lawsuit-unmatched-brand-strength">Apple Analysts Unmoved By Antitrust Lawsuit: &#8216;Unmatched Brand Strength&#8217;</a>
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Value, Growth Stocks Trade At Record Highs But Long-Term Leadership Lies With One: Analyst

Markets embraced an unexpected turn of events as Wednesday&#8217;s U.S. economic data releases fell <a href="https://www.benzinga.com/23/08/34112835/us-gdp-revised-downward-to-2-1-in-q2-reflecting-softer-economic-growth">short of market expectations. </a>
The initial response was positive, with market participants interpreting the data as an indication of potentially easing inflationary pressures, thus lowering the specter of further interest rate hikes by the Federal Reserve. However, as the morning session progressed, concerns over a potential economic deceleration reemerged, paring back the advances in the stock market.
<h2 class="wp-block-heading">Q2 GDP Revised Lower, Employment Growth Missed Expectations in August</h2>
The Bureau of Economic Analysis lowered growth projections for the second quarter of the year. The revelation painted a picture of the U.S. economy expanding at a more tempered pace of 2.1% on an annualized basis in Q2, in stark contrast to the estimate, which had pegged growth at a more robust 2.4%.
The same report also unveiled that the PCE price index, a closely monitored inflation gauge by the Federal Reserve, was revised downward from 2.6% to 2.5% in Q2. A parallel adjustment was registered for the core PCE price index, dropping from 3.8% to 3.7%. As a result, Thursday&#8217;s PCE price index announcement for July will likely be awaited with less trepidation by investors.
Signals from the labor market continue to support the idea of a slowdown in new job additions, with attention turning to the upcoming Bureau of Labor Statistics report this Friday. 
The <a href="https://www.benzinga.com/economics/macro-economic-events/23/08/34112480/adp-report-reveals-177-000-jobs-added-in-august-missing-predictions">ADP</a> offered a preview by reporting an increase of 177,000 jobs in August. This marked a significant decrease compared to the upwardly revised 371,000 jobs in July and also fell short of the expected 195,000.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/23/08/34104222/exclusive-watch-cathie-wood-predict-secs-loss-in-bitcoin-etf-case-in-benzinga-interview">EXCLUSIVE: Watch Cathie Wood Predict SEC&#8217;s Loss In Bitcoin ETF Case In Benzinga Interview</a>
<h2 class="wp-block-heading">Traders Lower Rate Hike Bets, Dollar Sinks</h2>
The U.S. dollar fell 0.5%, the largest daily drop since mid July, and is currently on track for its third consecutive session of decline. 
Simultaneously, Treasury yields, reflective of market sentiment on future Fed rate hikes, took a precipitous drop. The yield on the 2-year note fell to 4.85%, the lowest since Aug. 11. 
Implied probabilities derived from Fed futures assign a mere 9% chance of a rate hike in September, down from yesterday&#8217;s 14%. Looking ahead to November, the odds of a rate increase have ebbed from 49% to a 43% chance, CME Group&#8217;s Fedwatch tool showed.
Looking at major ETFs with over $15 billion in assets under management (AUM), here are the ones showing positive returns at 10:30 a.m. ET on Wednesday:
<ol>
<li>SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) up by 0.5% </li>
<li>Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) up by 0.4% </li>
<li>Industrials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) up by 0.3% </li>
<li>SPDR Portfolio S&amp;P 500 Growth (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPYG#NYSE">SPYG</a>) up by 0.2% </li>
<li>iShares Russell 1000 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWF#NYSE">IWF</a>) up by 0.2%</li>
</ol>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="960" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/30103443/SPYG_2023-08-30_16-34-28_3aa4c-1024x960.png" alt="" class="wp-image-97542" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/30103443/SPYG_2023-08-30_16-34-28_3aa4c-1024x960.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/30103443/SPYG_2023-08-30_16-34-28_3aa4c-300x281.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/30103443/SPYG_2023-08-30_16-34-28_3aa4c-768x720.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/30103443/SPYG_2023-08-30_16-34-28_3aa4c.png 1152w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read now: <a href="https://www.benzinga.com/general/movers-shakers/21/08/17298128/warren-buffett-turns-91-a-highlight-for-each-decade-of-his-life-1">Warren Buffett Turns 93: His Career, From Buying First Stock To Acquiring Berkshire, Apple Investments</a>
Photo: Shutterstock

Macro Economic Events

Specialty ETFs

Commodities

Economics

Markets Waver On Mixed Economic Data: 5 ETFs Moving Wednesday

Investors are on standby for the Federal Open Market Committee (FOMC) meeting&#8217;s interest rate decision, due to be announced on Wednesday, <a href="https://www.benzinga.com/federal-reserve">July 26, at 2:00 p.m. ET.</a>
While the market has already fully priced in a 25-basis-point rate hike to a target range of 5.25%-5.5%, the Fed&#8217;s communications regarding future moves are expected to <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/07/33351071/fed-meeting-in-focus-xx-on-wednesdays-interest-rate-announcement">have a significant impact.</a>
A more hawkish attitude from Fed Chair Jerome Powell, who may reaffirm the need for more hikes during his news conference, would likely catch markets off guard.
A more dovish Fed stance, indicating that current interest rates are appropriately high and that future adjustments will be based on economic data, on the other hand, might solidify existing market expectations on the end of tightening in July. 
Here are the five major ETFs that are likely to see significant activity and shifts in reaction to the Fed interest rate decision:
1) Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>)
The largest exchange-traded fund (ETF) tracking the performance of the U.S. dollar index (DXY) is likely to witness immediate reactions following the Fed meeting.
A Federal Reserve leaning towards a more hawkish stance, maintaining a stringent approach against inflation despite recent declines and signaling a potential rate hike in September, is likely to significantly bolster the U.S. currency.
The dollar bulls, on the other hand, would suffer a serious defeat if the Federal Reserve becomes more dovish and signals the end of policy tightening. 
The dollar is on course to post 6 consecutive positive sessions leading up to the Fed meeting, a stretch not seen since May 2022. The UUP ETF, on the other hand, is flat year to date and down 0.7% from a month ago.
Also Read: <a href="https://www.benzinga.com/news/23/07/33352218/you-have-zero-chance-of-getting-hired-if-this-is-on-your-resume-says-former-google-recruiter">You Have &#8216;Zero Chance&#8217; Of Getting Hired If This Is On Your Resume, Says Former Google Recruiter</a>
Chart: Invesco DB USD Index Bullish Fund ETF Price Action In 2023
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="778" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25111228/UUP_2023-07-25_17-11-16_4d08d-1024x778.png" alt="" class="wp-image-74588" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25111228/UUP_2023-07-25_17-11-16_4d08d-1024x778.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25111228/UUP_2023-07-25_17-11-16_4d08d-300x228.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25111228/UUP_2023-07-25_17-11-16_4d08d-768x584.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25111228/UUP_2023-07-25_17-11-16_4d08d-1536x1168.png 1536w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25111228/UUP_2023-07-25_17-11-16_4d08d.png 1626w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
2) iShares 20+ Year Treasury Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NYSE">TLT</a>)
The iShares 20+ Year Treasury Bond ETF (TLT) is particularly sensitive to interest rate changes and the Federal Reserve&#8217;s policy stance. Because it tracks long-dated U.S. Treasury bonds with a remaining maturity of at least 20 years, small changes in yields have a substantial influence on the ETF&#8217;s value due to its elevated duration.
A more hawkish Fed, implying a more aggressive approach to inflation and future rate hikes, poses troubles for long-term bonds. A more dovish Federal Reserve, which recognizes the risk of growth issues and minimizes inflation risks, tends to push down long-term bond yields, which boosts the value of the ETF.
As of July 25, the TLT ETF is broadly flat year to date, with a more significant drop of roughly 5% in the previous three months, as long-term Treasury yields recently surged.
Chart: iShares 20+ Year Treasury Bond ETF Price Action In 2023
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="778" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25111840/TLT_2023-07-25_17-18-11_d2f5b-1024x778.png" alt="" class="wp-image-74589" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25111840/TLT_2023-07-25_17-18-11_d2f5b-1024x778.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25111840/TLT_2023-07-25_17-18-11_d2f5b-300x228.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25111840/TLT_2023-07-25_17-18-11_d2f5b-768x584.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25111840/TLT_2023-07-25_17-18-11_d2f5b-1536x1168.png 1536w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25111840/TLT_2023-07-25_17-18-11_d2f5b.png 1626w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
3) SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>)
Gold investors are very concerned about the Federal Reserve&#8217;s interest rate decisions and potential future actions. Interest rates and Treasury yields have&nbsp;a substantial impact on the value of precious metals. 
A hawkish Fed, which raises interest rates and provokes the surge in&nbsp;Treasury yields, puts downward pressure on gold prices, and vice versa.
The GLD ETF has returned a positive 6.1% year to date. However, it has dropped 2% in the last three months as yields have recovered.
4) iShares Russell 1000 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWF#NYSE">IWF</a>)
Growth stocks have&nbsp;demonstrated greater sensitivity to Federal Reserve meetings. Stocks with high valuations and optimistic growth expectations could be in jeopardy if the Fed shows an aggressive posture towards inflation by enacting further interest rate hikes this year.
Companies taking on riskier, potentially more lucrative long-term projects face higher financing&nbsp;costs&nbsp;as a result of higher interest rates. Growth stocks, on the other hand, may benefit from the expectation of future rate drops.
Growth stocks have experienced a surge in 2023, climbing 32% so far this year, primarily due to the rally driven by advancements in AI and progress in sectors such as technology, communication services, and consumer discretionary.
Chart: iShares Russell 1000 Growth ETF Price Action in 2023
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="778" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25112435/IWF_2023-07-25_17-24-16_23535-1024x778.png" alt="" class="wp-image-74590" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25112435/IWF_2023-07-25_17-24-16_23535-1024x778.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25112435/IWF_2023-07-25_17-24-16_23535-300x228.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25112435/IWF_2023-07-25_17-24-16_23535-768x584.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25112435/IWF_2023-07-25_17-24-16_23535-1536x1168.png 1536w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25112435/IWF_2023-07-25_17-24-16_23535.png 1626w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
5) ProShares Trust VIX Short-Term Futures ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VIXY#NYSE">VIXY</a>)
Volatility in the stock market, as measured by the VIX index, has experienced a significant decline since the last quarter of the previous year. The fear index has not only returned to pre-pandemic lows but has also endured nine negative months out of the last 10, currently maintaining a 5-month losing streak.
The volatility index has seen a decrease of 59.2% since the start of the year. It&#8217;s natural to question whether the Federal Reserve has the ability to alter this trajectory. The answer largely depends on the actual impact of the upcoming event.
The VIX may experience an uptick if the Fed signals intentions to hike interest rates more aggressively and speed up quantitative tightening, both of which could trigger market instability. As the Fed&#8217;s decision unfolds, investors are closely monitoring the VIXY ETF.
Chart: ProShares Trust VIX Short-Term Futures ETF Price Action in 2023
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="778" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25113428/VIXY_2023-07-25_17-34-10_d3bd7-1024x778.png" alt="" class="wp-image-74596" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25113428/VIXY_2023-07-25_17-34-10_d3bd7-1024x778.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25113428/VIXY_2023-07-25_17-34-10_d3bd7-300x228.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25113428/VIXY_2023-07-25_17-34-10_d3bd7-768x584.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25113428/VIXY_2023-07-25_17-34-10_d3bd7-1536x1168.png 1536w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/25113428/VIXY_2023-07-25_17-34-10_d3bd7.png 1626w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Now read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/07/33369519/top-wall-street-strategist-warns-of-possible-market-bubble-points-to-tech-concentra">Top Wall Street Strategist Warns Of Possible Market Bubble, Points To Tech Concentration In S&amp;P 500 And AI Hype</a>
Photo: <a href="https://www.flickr.com/photos/imfphoto/" target="_blank" rel="noreferrer noopener">International Monetary Fund</a> on Flickr and Shutterstock

Bonds

Currency ETFs

Treasuries

Federal Reserve

iShares Trust Barclays 20+ Year Treasury Bond Fund

PowerShares DB US Dollar Index Bullish Fund

VIXY

Will Jerome Powell Be Hawkish Or Dovish? How These 5 ETFs Could React To The Fed's Rate Decision Wednesday

A top Wall Street analyst has issued a cautionary note, warning of a potential sharp reversal in the stock market during the <a href="https://www.benzinga.com/news/earnings/23/06/33001575/market-volatility-increases-s-p-500-snaps-5-week-winning-streak" target="_blank" rel="noreferrer noopener">second half of 2023</a>. 
According to Michael Wilson, Morgan Stanley&#8217;s chief U.S. equity strategist and chief investment officer, the market&#8217;s headwinds presently outweigh its tailwinds, indicating a significant likelihood of a severe correction. Wilson&#8217;s estimate implies that the S&amp;P 500 Index, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) may see a 10% drop in the second half of the year, with a target level of 3,900. 
<h2 class="wp-block-heading">Why Is Morgan Stanley Near-Term Bearish On The Stock Market?</h2>
&#8220;A 20% rally does not guarantee [the] bear market is over,&#8221; Wilson wrote in his latest presentation. 
The analyst drew on the historical parallel of the period immediately following World War II, between 1946 and 1949, when the S&amp;P 500 made a double bottom after rallying 24% from the first low.
Chart: S&amp;P 500 Index Price Action 1945-1949
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="737" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/26102358/SPX_2023-06-26_16-23-05_e3589-1024x737.png" alt="" class="wp-image-57923" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/26102358/SPX_2023-06-26_16-23-05_e3589-1024x737.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/26102358/SPX_2023-06-26_16-23-05_e3589-300x216.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/26102358/SPX_2023-06-26_16-23-05_e3589-768x553.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/26102358/SPX_2023-06-26_16-23-05_e3589-1536x1106.png 1536w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/26102358/SPX_2023-06-26_16-23-05_e3589.png 1708w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
This pessimistic outlook stems from Morgan Stanley&#8217;s lower-than-expected earnings forecast for the year, which anticipates pricing erosion and disappointing top-line performance. 
&#8220;The Equity risk premium is at very unattractive levels, particularly given our earnings outlook,&#8221; Wilson said. The expert highlighted that stocks are trading in a &#8220;high risk zone,&#8221; susceptible to a sharp rise in the equity risk premium.
<h2 class="wp-block-heading">Headwinds From Restrictive Monetary and Fiscal Policies</h2>
Furthermore, Morgan Stanley noted that the United States&#8217; economic policies are turning more restrictive, putting additional pressure on equities. 
The liquidity environment is rapidly deteriorating, owing to record levels of Treasury issuance and quantitative tightening. Morgan Stanley predicts that bank reserves will shrink by $500-800 billion over the next six months, potentially lowering equity valuations. Wilson noted that the money supply growth is at the lowest levels since the 1930s.
Read Also: <a href="https://www.benzinga.com/government/23/06/32971034/jerome-powell-big-us-banks-could-see-20-increase-in-capital-requirements-2-more-interest-rate-hikes" target="_blank" rel="noreferrer noopener">Jerome Powell: Big US Banks Could See 20% Increase In Capital Requirements, 2 More Interest Rate Hikes Could Come In 2023</a>
Fiscal support is expected to peak and reverse next month, potentially creating a headwind of 6 percentage points to nominal GDP over the next year.
The outlook is more optimistic for 2024, as Wilson expects another earnings boom following a &#8220;proper bust&#8221; in 2023. 
<h2 class="wp-block-heading">Alternative Scenario? The Average Stock Will Fare Better, Value Will Stage A Comeback</h2>
Wilson also made recommendations for an alternative scenario. 
Should his earnings forecast be incorrect, he expects market breadth to improve, with the equal-weighted S&amp;P 500, as tracked by the Invesco S&amp;P 500 Equal Weight ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSP#NYSE">RSP</a>), outperforming the market-cap weighted S&amp;P 500. 
The average stock is expected to fare relatively better both in a more optimistic and more pessimistic scenario, either by rising more or declining less. 
Furthermore, Morgan Stanley believes that value stocks, as tracked by the Ishares Russell 1000 Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWD#NYSE">IWD</a>), may outperform growth stocks, which are tracked by the Ishares Russell 1000 growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWF#NYSE">IWF</a>) as defensive sectors regain their previous year&#8217;s leadership.
Now Read: <a href="https://www.benzinga.com/news/23/06/32996680/elon-musks-biographer-says-billionaires-difficult-childhood-unleashes-a-demon-mode-that-makes-him-a">Elon Musk&#8217;s Biographer Says Billionaire&#8217;s Difficult Childhood Unleashes A &#8216;Demon Mode&#8217; That Makes Him A Tough Leader</a>
Chart: Year-to-date returns of S&amp;P 500 (market-weighted and equal-weighted), Value and Growth Stocks
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="737" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/26103103/IWF_2023-06-26_16-30-25_bd457-1024x737.png" alt="" class="wp-image-57929" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/26103103/IWF_2023-06-26_16-30-25_bd457-1024x737.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/26103103/IWF_2023-06-26_16-30-25_bd457-300x216.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/26103103/IWF_2023-06-26_16-30-25_bd457-768x553.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/26103103/IWF_2023-06-26_16-30-25_bd457-1536x1106.png 1536w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/06/26103103/IWF_2023-06-26_16-30-25_bd457.png 1708w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>

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Top Wall Street Analyst Warns Of 'Proper Bust' In 2023: Stocks Are Trading In 'High Risk Zone'

The surge of artificial intelligence (AI),&nbsp;the supremacy&nbsp;of the internet giants and expectations of the Fed&#39;s tightening cycle nearing its end are propelling growth companies <a href="https://www.benzinga.com/money/best-value-stocks" target="_blank">to outperform value stocks</a>.
The<a href="https://www.benzinga.com/money/best-growth-stocks" target="_blank"> growth equity style</a> has made a remarkable recovery in the first five months of 2023, after experiencing a setback in 2022 due to aggressive interest rate hikes that impacted tech and other overvalued sectors.
The Vanguard Growth ETF&nbsp;(ARCA: VUG) has outperformed the Vanguard Value ETF (ARCA: VTV) by a remarkable 29% so far this year. While the growth-oriented ETF has risen 26%, the value-oriented ETF has struggled, registering a 3% decline year to date.&nbsp;
Only a month&nbsp;ago, the <a href="https://www.benzinga.com/etfs/sector-etfs/23/05/32397681/us-value-stocks-trail-growth-stocks-by-an-alarming-8-in-2023-why-is-the-value-style-underperform" target="_blank">performance gap between growth and value was about 8%</a>, which can offer an idea of how rapidly growth-related companies have surged&nbsp;in recent weeks.
<h3>Growth vs. Value in 2023</h3>
<img alt="" src="https://www.benzinga.com/files/u1363475/vtv_2023-06-01_17-33-26_b1a6b.png" style="height:500px; width:100%" />
<h3>Value&#39;s 2022 Outperformance vs. Growth: Wiped Out in 5 Months</h3>
The roughly 50% gain that value stocks had over growth in 2022 was almost entirely wiped out by the growth&#39;s outperformance in the just&nbsp;five months of 2023.
Since the Great Financial Crisis, the consistent outperformance of growth&nbsp;versus value stocks has been a recurrent trend in the U.S.&nbsp;stock market. This tendency has been supported by a protracted period of very low interest rates, which has pushed up valuations&nbsp;in the technology and growth sectors while depressing stocks&nbsp;in&nbsp;value-related sectors.
The year 2022 looked to suggest a potential reversal of this pattern, with energy stocks rising sharply and technology-related stocks falling precipitously. However, this reversal was short-lived, as growth stocks reasserted their dominance in 2023, supported by a robust surge in AI and tech stocks.
Chart: 15 Years Of Value Vs Growth
<img alt="" src="https://www.benzinga.com/files/u1363475/vtv_vug_2023-06-01_17-50-30_d21d4.png" style="height:500px; width:100%" />
<h3>Stock Movers: Gainers And Losers</h3>
About 70% of the Vanguard Growth ETF&#39;s year-to-date performance can be attributed to seven stocks: Apple, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) added 4.7 percentage points (ppt) to the overall performance
<ul>
<li>Microsoft Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msf#NASDAQ">MSF</a>) 4.2ppt</li>
<li>NVIDIA Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>)&nbsp;2.7ppt</li>
<li>Alphabet Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goog#NASDAQ">GOOG</a>) (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>) 2.2ppt</li>
<li>Amazon Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>) 1.9ppt</li>
<li>Tesla Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) 1.2ppt</li>
<li>Meta Platforms Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>) 1ppt.</li>
</ul>
The Vanguard Value ETF saw negative contributions from financials, health care and energy sectors with First Republic Bank, Pfizer Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pfe#NYSE">PFE</a>), Johson &amp; Johnson (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jnj#NYSE">JNJ</a>),&nbsp;Charles Schwab Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/schw#NYSE">SCHW</a>), Chevron Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cvx#NYSE">CVX</a>) and Bank of America (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>)&nbsp;being the worst contributors to the performance.
Image: Shutterstock

Movers & Shakers

General

SCHW

TSLA

AI, Tech Fuel Rebound Of Vanguard Growth ETF, Eroding Value's 2022 Outperformance

During Thursday&#39;s broadcast of Benzinga&#39;s <a href="https://www.benzinga.com/premarket-prep/" target="_blank">&quot;PreMarket Prep&quot;</a>&nbsp;show,&nbsp;Christian Fromhertz, CEO of Tribeca Trading Group,&nbsp;said &quot;this is a day trader&#39;s market right now&quot;&nbsp;given the exceptional volatility seen in the last week.&nbsp;
Fromhertz On Market Landscape: <a href="https://www.benzinga.com/m-a/23/03/31385666/first-republic-rallies-as-major-us-banks-pledge-assistance-to-calm-markets">The banking crisis</a> will take some time to resolve, which might imply that policy overtightening&nbsp;by central banks could&nbsp;have reached its peak, Fromhertz said.&nbsp;
We are moving from an inflationary to&nbsp;deflationary environment, and this may be an attractive background for growth and tech companies, he said.&nbsp;
Recent price declines in oil crude and copper &mdash; two cyclical commodities tied to the health of the economy &mdash; essentially reflect a demand drop, which is what the central bank aimed for, the Tribeca Trading CEO said.&nbsp;
&quot;As all these things settle down, we start to see the light at the end of the tunnel,&quot; he said.&quot; &quot;Take what the market is giving you, which are day trading opportunities.&quot;
Fromhertz said he maintains his bullish stance on the semiconductor industry, which he said&nbsp;may be bought on dips.
The iShares Semiconductor ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/soxx#NASDAQ">SOXX</a>) has surged 3% over&nbsp;the last week and is now up 22% year-to-date.
<img alt="" src="https://www.benzinga.com/files/u1363475/soxx_2023-03-16_18-46-35_979b4.png" style="height:573px; width:760px" />Chart: TradingView
<h3>Growth Stocks Outperform Value In 2023</h3>
From the start of the year, growth stocks, as tracked by the iShares Russell 1000 Growth ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/iwf#NYSE">IWF</a>), have outpaced value equities, as tracked by the iShares Russell 1000 Value ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/iwd#NYSE">IWD</a>), by 12%.
After being battered by the inflation-rate rise story in 2022, the IWF/IWD ratio, which reflects the relative strength of growth against value stocks, is practically flat from a year ago.
<img alt="" src="https://www.benzinga.com/files/u1363475/iwf_iwd_2023-03-16_18-44-51_ff180.png" style="height:573px; width:760px" />Growth vs. Value: Chart via TradingView.
Watch Thursday&#39;s &quot;PreMarket Prep&quot; episode here:
<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" frameborder="0" height="315" src="https://www.youtube.com/embed/IbVfmsFhxhE" width="560"></iframe>
Photo via Shutterstock.

Interview

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

It's A Day Trader's Market: Christian Fromhertz Talks Volatility On 'PreMarket Prep'

iShares Russell 1000 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWF#NYSE">IWF</a>) shares experienced unusual options activity on Tuesday. The stock price moved down to $282.53 following the option alert. 
<ul>
<li>Sentiment: BULLISH</li>
<li>Option Type: SWEEP</li>
<li>Trade Type: CALL</li>
<li>Expiration Date: 2021-09-17</li>
<li>Strike Price: $280.00</li>
<li>Volume: 1001</li>
<li>Open Interest: 31</li>
</ul>
<h2>Three Indications Of Unusual Options Activity</h2>
Exceptionally large volume (compared to historical averages) is one reason for which options market activity can be considered unusual. The volume of options activity refers to the number of contracts traded over a given time period. Open interest is the number of unsettled contracts that have been traded but not yet closed by either counterparty. In other words, open interest represents the quantity of contracts that individual parties have written but not yet found a counterparty for (i.e. a buyer finding a seller, or a seller finding a buyer).
Another sign of unusual activity is the trading of a contract with an expiration date in the distant future. Usually, additional time until a contract expires allows more opportunity for it to reach its strike price and grow its time value. Time value is important to consider because it represents the difference between the strike price and the value of the underlying asset. 
Contracts that are "out of the money" are also indicative of unusual options activity. "Out of the money" contracts occur when the underlying price is under the strike price on a call option, or above the strike price on a put option. These trades are made with the expectation that the value of the underlying asset is going to change dramatically in the future, and buyers and sellers will benefit from a greater profit margin. 
<h2>Understanding Sentiment</h2>
Options are "bullish" when a call is purchased at/near ask price or a put is sold at/near bid price. Options are "bearish" when a call is sold at/near bid price or a put is bought at/near ask price. 
Although the activity is suggestive of these strategies, these observations are made without knowing the investor's true intentions when purchasing these options contracts. An observer cannot be sure if the bettor is playing the contract outright or if they're hedging a large underlying position in a common stock. For the latter case, the exposure a large investor has on their short position in common stock may be more meaningful than bullish options activity. 
<h2>Trading Options With These Strategies</h2>
Unusual options activity is an advantageous strategy that may greatly reward an investor if they are highly skilled, but for the less experienced trader, it should remain as another tool to make an educated investment decision while taking other observations into account.
For more information to understand options alerts, visit <a href="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts" title="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts">https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts</a>

Understanding iShares Russell 1000 Growth ETF's Unusual Options Activity

Growth stocks and the related exchange traded funds took their lumps in May, but year to date, the iShares Russell 1000 Growth ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/iwf#NYSE">IWF</a>) is higher by 18.40 percent, an advantage of 530 basis points over the iShares Russell 1000 Value ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/iwd#NYSE">IWD</a>).
IWF is beating the iShares Russell 1000 ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/iwb#NYSE">IWB</a>) by 270 basis points.
<h3>What To Know</h3>
Growth stocks, including those residing in ETFs like IWF, usually command higher multiples than value equivalents or the broader market. Hence, the growth designation. Those premiums are usually persistent, but growth&#39;s outperformance of value is lengthy by historical standards, though some of that outperformance is attributable to growth often topping value following recessions.
&ldquo;Growth&rsquo;s recent out-performance conforms to the post-crisis norm,&rdquo; <a href="https://www.blackrockblog.com/2019/06/07/growth-premium-steady/">said BlackRock in a recent note</a>. &ldquo;Focusing on price returns, since 2010 growth has outperformed value by an average of approximately 350 bps a year. The outperformance has not only been meaningful, it has been consistent. During the past five years value has only outperformed meaningfully on one occasion, 2016.&rdquo;
Over the past three years, IWF is up 58.10 percent while IWD, the value ETF, is higher by 29.90 percent.
<h3>Why It&#39;s Important</h3>
As is often discussed with growth ETFs, the technology sector is a prime determinant of the growth factor&#39;s returns. IWF allocates over a third of its weight to technology stocks compared to 21.45 percent in the Russell 1000 Index.
&ldquo;As others have noted, a large part of growth&rsquo;s winning streak can be attributed to stellar earnings growth, particularly from technology companies,&rdquo; said BlackRock. &ldquo;That said, multiple expansion, i.e. paying more for a dollar of earnings, has played a part as well. Since the 2011 market bottom, the trailing price-to-earnings (P/E) ratio for the Russell 1000 Growth Index is up roughly 65%. In contrast, the value index&rsquo;s P/E ratio has expanded by a more modest 40%.&rdquo;
With the overweight in technology stocks, IWF&#39;s annualized volatility over the past three years was 14.40 percent, but that was just 180 basis points higher than the same metric on the Russell 1000 Index.
<h3>What&#39;s Next</h3>
For growth investors or those considering IWF, the good news is, on valuation, growth is not expensive relative to historical norms. It simply looks pricey relative to value because value is trading well below its usual multiples.
&ldquo;But while growth stocks are not particularly cheap, it is not obvious that they are expensive,&rdquo; said BlackRock. &ldquo;Valuations are slightly below the long-term average. In other words, the fact that growth looks stretched relative to value is not a function of growth being particularly rich but value being very cheap.&rdquo;
Related Links:
<a href="https://www.benzinga.com/general/biotech/19/06/13879145/its-time-to-consider-leveraged-healthcare-etfs">Leveraged Healthcare ETFs Look Good</a>
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Long Ideas

Growth ETFs Can Keep Commanding Premiums Over Value

Domestic equities continue reminding investors that rising interest rates do not have to be punitive for equities. Last week, the Federal Reserve <a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/09/12412680/the-federal-reserve-as-expected-issues-third-rate-hike-">raised rates for the third time this year</a>. The S&amp;P 500 surged Monday, extending its year-to-date gain to over 9 percent.
That statistic indicates broad-based strength for equities amid this year&#39;s Fed tightening, but there are pockets of superior performances.
<h3>What Happened</h3>
As has been widely documented, small caps are outperforming their large-cap rivals this year. The iShares Russell 2000 ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/iwm#NYSE">IWM</a>), the largest exchange traded fund dedicated to domestic small caps, entered Monday with a year-to-date gain of 11.51 percent, well ahead of the S&amp;P 500 and the Russell 1000 Index.
Historical data suggest this year&#39;s small-cap surge is not unusual when rates rise. Actually, smaller stocks often perform well as the Fed tightens. Looking at annualized performances of various benchmarks during Fed tightening cycles from 1993 through 2016, the small-cap Russell 2000 Index delivered annualized returns of around 22 percent, <a href="https://www.ftserussell.com/blog/index-idea-stocks-have-done-well-periods-rising-rates">according to FTSE Russell data</a>.
<h3>Why It&#39;s Important</h3>
Small-cap stocks performing well as rates climb indicate investors have some appetite for risk during tightening cycles. Growth stocks and the related ETFs confirm as much. The iShares Russell 1000 Growth ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/iwf#NYSE">IWF</a>) entered Monday with a year-to-date gain of almost 17 percent.
As is the case with smaller stocks, it&#39;s not unusual to see growth names outperform as rates rise. Looking at Fed tightening cycles from 1993 through 2016, the Russell 1000 Growth Index, IWF&#39;s underlying index, delivered average annualized returns of 20 percent, according to FTSE Russell data.
IWF holds over 540 stocks and allocates about 60 percent of its weight to the technology and consumer discretionary sectors, groups that are usually hallmarks of growth funds.
<h3>What&#39;s Next</h3>
&ldquo;Not surprisingly, economically sensitive equity asset classes like small caps have fared best, with the Russell 2000 Index generating a healthy 22.2% annualized return while the Russell 1000 Growth Index has also chalked up an impressive 20.1% annualized return,&rdquo; said FTSE Russell Managing Director Alec Young <a href="https://www.ftserussell.com/blog/index-idea-stocks-have-done-well-periods-rising-rates">in a note out Monday</a>.
&ldquo;Not surprisingly, bonds have not fared as well during periods of rising rates with the 10-year Treasury note losing an annualized 5.8% and investment grade corporate bonds gaining only slightly. However, given their significant exposure to the health of corporate credit, which tends to improve as the economy expands, corporate bonds have fared well posting 15% gains&rdquo;
Related Links:
<a href="https://www.benzinga.com/trading-ideas/long-ideas/18/10/12430080/best-sector-etfs-for-october-3-stocks-really-matter#/null">Best Sector ETFs For October</a> 
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Small Cap Analysis

These Stocks Do Well When Rates Rise

July was the first month in some time that large-cap value stocks outperformed their growth rivals. Growth fans may be apt to say some company-specific issues plagued growth stocks last month.
But with a small number of stocks accounting for significant portions of widely followed growth indexes, such as the Russell 1000 Growth Index, there&#39;s some credibility to the aforementioned argument.
<h3>What To Know</h3>
When it comes stocks dominating growth benchmarks, that often means Facebook Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fb#NASDAQ">FB</a>), Amazon.com Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>), Apple Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>), Netflix, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nflx#NASDAQ">NFLX</a>) and Google parent Alphabet Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>), also known as the FAANG quintet.
The iShares Russell 1000 Growth ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/iwf#NYSE">IWF</a>) is one of the exchange traded funds that tracks the Russell 1000 Growth Index. As of Aug. 9, four of the five FAANG stocks were among IWF&#39;s top 10 holdings with Netflix being the exception, but that stock is part of IWF&#39;s roster.
Combined, IWF&#39;s FAANG exposure as of Aug. 9 was 22.1&nbsp;percent.
<h3>Why It&#39;s Important</h3>
&ldquo;US large cap growth stocks have outperformed their value counterparts in the last year, with a slight pullback in July,&rdquo; <a href="http://www.ftserussell.com/blog/index-idea-growth-versus-value-performance-has-hinged-faangs">said FTSE Russell</a>. &ldquo;This parallels how FAANG stocks have performed relative to the broad Russell 1000 large cap equity index for the same time period.&rdquo;
The iShares Russell 1000 Value ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/iwd#NYSE">IWD</a>), which tracks the Russell 1000 Index, has no FAANG exposure. IWD allocates 18 percent of its combined weight to the technology and consumer discretionary sectors, groups that are usually cornerstones of growth funds. IWF, the growth ETF, devotes about <a href="https://www.ishares.com/us/products/239706/ishares-russell-1000-growth-etf">59.4 percent of its roster</a> to those sectors.
<h3>What&#39;s Next</h3>
For traditional growth ETFs, like IWF, what comes next largely revolves around price action in the FAANGs.
&ldquo;While the Russell 1000 Growth Index&rsquo;s 12.8% YTD total return still soundly leads the Russell 1000 Value&rsquo;s 2.7% gain[1], growth&rsquo;s leadership stalled recently as FAANG stocks leadership eased,&rdquo; said FTSE Russell Managing Director Alect Young.
Young highlighted the aforementioned sector differences as integral to explaining the diverging performances between the growth and value indexes. Barring a significant turn in value stocks, IWD is poised to trail IWF yet again this year.
Related Links:
<a href="https://www.benzinga.com/trading-ideas/long-ideas/18/08/12180685/bank-on-this-bank-etf">Look At This Bank ETF</a>
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NFLX

No Surprise: FAANG's A Big Deal For Growth Indexes, ETFs

Goldman Sachs' favorite mutual funds positions that are overweight the Russell 1000

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Bank of Korea meeting and regional PMIs - though markets will likely be quiet ahead of Jackson Hole.

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iShares Russell 1000 Growth ETF

Overview

iShares Russell 1000 Growth ETF (ARCA:IWF), Quote.Headers.trade-ideas