Energy stocks, until recently the worst-performing major sector in the S&P 500, are continuing their recent rally. Photograph by Simon Dawson/Bloomberg

The first are last and the last are first as the recent rout in momentum stocks continues.

Momentum stocks—those issues with strong price gains over the past six months or a year—are getting hit. Those that haven’t performed as well are gaining. At the same time, value stocks are besting their growth counterparts.

A so-called long/short index of momentum stocks was down almost 4% Tuesday, one institutional investor told Barron’s. Momentum has been the worst factor Tuesday among stocks, while value has been one of

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