Beaten-Down Stocks Get Some Revenge After Big Tech’s 2023 Rally
- Equal weight S&P 500 beats cap-weighted version since November
- Fed rate moves, thin Big Tech leadership create opportunities
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Stock investors are turning to roughed-up corners of the market from small caps to value shares as they seek out bargains with the S&P 500 Index riding a five-week winning streak and soaring almost 9% since the start of November.
To see it, look at the S&P 500 Equal Weight Index, which is up more than 10% since Oct. 31 compared with the S&P 500’s 8.9% rise. In December, the equal weight version of the S&P is up 1.1% while the regular index is flat. It’s still early, but that holds it would be second-best month relative to the broader benchmark index since October 2022, according to data compiled by Bloomberg,