Materials ETFs surge as investors shop for deep discounts

Exchange-traded funds with a big position in Arconic Corporation jumped sharply in midday trade Monday. The aluminum company was up nearly 16%, on track for its best day since April, just a few days after reporting a wider-than-expected loss. The Invesco S&P SmallCap Materials ETF with 4.9% of its portfolio invested in the company, and the SPDR S&P Metals & Mining ETF , with a 4.8% holding, were both up 4.6% midday, outpacing the flat showing for the broader market . Arconic was just one of several unlikely market outperformers Monday, a day when investors seemed to look past the high flyers of the past few months and focus on beaten-down stocks. MGM Resorts International jumped 14%, and Simon Property Group Inc. , a mall property manager, was up nearly 11%. They may be the ultimate value play: while the S&P 500 is up about 3% in the year to date, MGM shares are down 35% and Simon shares have lost 54%.

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