Standing alone among US equity factors this year, the low-volatility strategy is holding on to a modest gain year to date. In sharp relief, the rest of the factor field is posting varying degrees of loss, based on a set of ETFs through yesterday’s close (Apr. 15).

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The New York Fed Manufacturing Index continued to reflect contracting business conditions in April. Although the Empire State Manufacturing Survey general business conditions index rebounded in this month, it remained below zero at -8.1, which indicates contraction in the sector.

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