Beaten-down US growth stocks alluring

Bargain hunting: People walking through a mall in Manhattan, New York City. The latest US consumer prices report is due out tomorrow. — AFP

NEW YORK: Some investors are looking for bargains in beaten-down growth and tech stocks, betting they will shine as the Federal Reserve (Fed) fights to slow the US economy and tame red-hot inflation.

Growth stocks – which have trounced their valued-focused peers over the last decade –have borne the brunt of the Fed’s hawkish turn this year, with the Russell 1000 Growth index down more than 11% year-to-date, compared with a more-than 5% loss for the benchmark S&P 500 index.