Growth stocks like Amazon are getting slammed during this October rout, but value names see buyers

Strategists credit the trend on rising interest rates, as the 10-year Treasury note yield this past week reached a high of 3.26 percent. The Dow was down 831 points, or 3.1 percent, as investors also sold off more cyclical names like Caterpillar and Boeing. Investors dumped technology and other growth stock winners Wednesday in favor of defensive and value names, a trend that has accelerated as interest rates rise.