The S&P 500 Value index extended its historic decline on Wednesday, marking 14 consecutive trading days of losses, the longest downward streak since the index’s inception.
The iShares S&P 500 Value ETF (IVE) fell 0.35% to $189.50, continuing a slide that has erased approximately 8% of its value since reaching a peak in early December.
The unprecedented losing streak surpasses previous records for value stocks, which typically include financial, industrial, and energy companies trading at lower price-to-earnings ratios compared to growth stocks.
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The decline comes despite the Federal Reserve’s recent signals about potential interest rate cuts in 2024, which typically benefit value sectors like financials.
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