Afternoon Update – Rotation: Mega-Caps and Semis Out, Small Caps and Value In

The stock market is in rally-mode  following a cooler-than-expected Consumer Price Index for June. Advancers have an 11-to-2 lead over decliners at the NYSE and a 3-to-1 lead at the NASDAQ Composite, but it doesn’t look like a market rally at the index-level due to losses in mega cap and semiconductor names. The S&P 500…