The Virtus Equity & Convertible Income Fund (NIE) is experiencing downward pressure amid a broader market downturn, particularly affecting value stocks. The Dow Jones Industrial Average has been on a nine-day losing streak, marking its longest decline since 1978, while the value sector has been down for 12 consecutive days, the longest since 1995. This persistent decline in value stocks is contributing to the negative sentiment surrounding funds like NIE, which are sensitive to shifts in equity markets. Despite optimism about U.S. economic growth in the coming year, this sentiment has not extended to more cyclical sectors, which are typically expected to benefit from such optimism.
The NIE ETF fell to $24.00, down 1.27% as of 3:15 PM ET on December 18th.