* U.S. equity index futures point to opening strength
* Euro STOXX 600 index up ~0.3%
* Dollar, crude down; gold gains; bitcoin slides ~10%
* U.S. 10-Year Treasury yield hits 1.354%, now ~1.48%
June 21 - Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com
GROWTH ON THE COMEBACK TRAIL VS VALUE (0900 EDT/1300 GMT)
Growth blazed its way higher vs value last week. The S&P 500 growth index /S&P 500 value index ratio enjoyed its best week since January. This action has it on track for its best month since March 2020.
As a result, the ratio has risen to a four-month high and ended Friday back above its 200-day moving average:
That said, the ratio has yet to overwhelm the resistance line from its September 2020 all-time high.
In any event, growth can thank its resurgence against value to renewed strength in tech , and FANGs . Tech is the largest sector exposure of the S&P Growth ETF , at more than 40%. Since the ratio's mid-May trough, tech is up nearly 7%, while the NYFANG has risen more than 10%.
Financials , the largest exposure of the S&P 500 Value ETF at just over 20%, have been going the opposite way. Since the ratio's mid-May low, SPSY is down nearly 6%.
The recent growth/value resurgence has coincided with a continued decline in the U.S. 10-Year Treasury yield
. In fact, the yield, after topping at 1.7760% on March 30, tumbled to as low as 1.3540% in overnight trade Monday. However, it has since reversed, and is now back up to the 1.48% area.
The daily 10-year yield candle pattern forming suggests potential for a low of significance. This just as the growth/value ratio nears the important resistance line.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views expressed are his own)