Stock Market Update

[BRIEFING.COM] The Nasdaq is feeling the weight of Apple's (AAPL 221.78, -8.20, -3.6%) underperformance, but for the most part the stock market is operating with a pro-growth mindset.

The latter perspective shows up in the outperformance of the industrials (+1.3%), real estate (+1.3%), and materials (+1.3%) sectors, the outperformance of value over growth, and the outperformance of the small-cap and mid-cap stocks. The Russell 2000 and S&P Midcap 400 are each up 0.9% versus a 0.4% gain for the market cap-weighted S&P 500.

To be fair, the equal-weighted S&P 500 is up 0.9%.

With last week's recovery in stocks, interest in hedging portfolios for downside risk has lessened. The CBOE Volatility Index, which peaked at 22.04 last Monday, is at 15.49 this morning.