The S&P 500 and the Dow Jones Industrial Average enjoyed a mild rebound on Wednesday as the rise in Treasury yields slowed and most sectors ticked higher.
However, it wasn't a full reversal. The tech-heavy Nasdaq inched downward. Defensive stocks like utilities and health care outperformed.
Also rising on Wednesday was the iShares Russell 1000 Value ETF. The index has beaten its growth counterpart during the recent market volatility.
Stephanie Link, chief investment strategist and portfolio manager at Hightower Advisors, said this could be the start of a major factor shift in the markets. The reopening and value stocks could be entering a period of outperformance after the delta variant surge led to economic growth concerns over the summer, Link said.
"I look at the Russell 1000 Value versus Growth, and the Russell 1000 Value for the first quarter of this year just blew away growth. … Then, in May, when we had the growth scare, the Russell 1000 Growth caught all the way up to value and it was neck and neck. And that's something worth watching," Link told CNBC.
