Early Update – Semis Weigh On Technology; Positive Market Breadth As Value Stocks Are Bid

11:28 a.m. ET The averages got off to a muted start, but tone has improved this morning since the open. The most notable aspect of this morning’s trade is that Vale style factors (+1.1%) are soaring above Growth (-0.2%) and Momentum (-0.45%). Or said another way, the laggards of the year (cyclicals) are soaring above…