The tech sector's tentative rebound, led by Apple's reassuring guidance, has provided a modest lift to the S&P 500, despite ongoing challenges such as declining iPhone sales and geopolitical uncertainties involving Nvidia. Broader market sentiment remains cautious, with investors increasingly turning to European equities and value stocks as safer alternatives to the overvalued big tech sector. This shift is evident in the better performance of the equal-weighted S&P 500, which reflects a move towards more diversified market opportunities. The tech sector's struggles, particularly in semiconductors, have contributed to this trend, as investors seek stability amid the volatility.
The Invesco S&P 500 Equal Weight ETF (RSP) saw a slight increase, rising 0.03% to $182.80 at 10:40 AM on Friday, January 31.