One of the Stock Market’s Last Havens Is Now at Risk

Value stocks, or shares trading at low multiples of their book value, have quietly marched toward a banner year. Now the war in the Middle East is threatening to upend the trade, leaving investors few places to find refuge from fears over everything from rapid advances in artificial intelligence to geopolitical conflict. The Russell 1000 Value Index is up 2.4% so far this year, beating the Russell 1000 Growth Index, which is down 9.1%, by the largest margin since 2022.