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Wall Street delivered a mixed performance last week. The S&P 500 lost 0.3% last week while the Dow Jones added 0.6%, the Nasdaq slumped 1.9% and the Russell 2000 slumped 1.7%. The slump was led by the increase in bond yields and overvaluation concerns. The U.S. treasury yield increased to 4.16% on Aug 11, 2023 from 4.09% on Aug 7, 2023, having hit a low of 4.00% on Aug 9, 2023.
Inflation in the United States rose for the first time in July after 12 straight months of decline. Investors should note that a pickup in inflation came as it was calculated from a lower base after prices subsided last July. The consumer price index rose 3.2% year over year in July. However, the data fell shy of 3.3% forecast (read: Sector ETFs Likely to Gain on July Inflation Data).
The energy sector has also made a strong comeback on oil price surge. This is especially true as oil price surged to the highest level in almost nine months, with U.S. crude rising above $84 per barrel and Brent topping $87 per barrel (read: Oil Price at 2023 High: Make Profits With Leveraged ETFs).
Investors should note that Wall Street has lost momentum since the start of August triggered by the U.S. credit rating downgrade and multiple bank downgrades. The Fed’s hawkish signal, slowing U.S. job market and weak China data added to the woes.
If these were not enough, Moody's recent credit rating downgrade of some small-and-mid-sized banks has sent ripples through the U.S. banking sector. The downgrade comes as these financial institutions grapple with a complex mix of challenges, from interest rate volatility to asset-liability management risks. Hence, the markets remained edgy (read: Moody's Downgrade 10 U.S. Banks: ETF Strategies to Play).
Against this backdrop, below we highlight a few winning ETFs of the last week.
The underlying Capesize 5TC Index, Panamax 4TC Index & Supramax 6TC Index measure rates for shipping dry bulk freight. The expense ratio of the fund is 3.50%.
United States Natural Gas Fund LP (UNG - Free Report) – Up 7.8%
The United States Natural Gas ETF LP is an exchange-traded security that is designed to track in percentage terms the movements of natural gas prices. The expense ratio of the fund is 1.06%.
The underlying Nasdaq Sprott Junior Uranium Miners Index track the performance of companies that derive at least 50% of their revenue and assets from mining, exploration, development, and production of uranium; earning uranium royalties; and supplying uranium. The fund charges 80 bps in fees.
iShares U.S. Pharmaceuticals ETF (IHE - Free Report) – Up 5.6%
The underlying Dow Jones U.S. Select Pharmaceuticals Index is free-float adjusted market capitalization-weighted index. It includes pharmaceutical companies such as manufacturers of prescription or over-the-counter drugs or vaccines, but excludes producers of vitamins. The fund charges 39 bps in fees.
The underlying MVIS US Listed Pharmaceutical 25 Index tracks the overall performance of companies involved in pharmaceuticals, including pharmaceutical research and development as well a production, marketing and sales of pharmaceuticals. The fund charges 36 bps in fees.
The underlying Barclays Global Carbon II TR USD Index seeks to provide exposure to the price of carbon as measured by the return of futures contracts on carbon emissions credits from the European Union Emission Trading Scheme and the Kyoto Protocol Clean Development Mechanism. The fund charges 75 bps in fees.
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6 Best-Performing ETFs of Last Week
Wall Street delivered a mixed performance last week. The S&P 500 lost 0.3% last week while the Dow Jones added 0.6%, the Nasdaq slumped 1.9% and the Russell 2000 slumped 1.7%. The slump was led by the increase in bond yields and overvaluation concerns. The U.S. treasury yield increased to 4.16% on Aug 11, 2023 from 4.09% on Aug 7, 2023, having hit a low of 4.00% on Aug 9, 2023.
Inflation in the United States rose for the first time in July after 12 straight months of decline. Investors should note that a pickup in inflation came as it was calculated from a lower base after prices subsided last July. The consumer price index rose 3.2% year over year in July. However, the data fell shy of 3.3% forecast (read: Sector ETFs Likely to Gain on July Inflation Data).
The energy sector has also made a strong comeback on oil price surge. This is especially true as oil price surged to the highest level in almost nine months, with U.S. crude rising above $84 per barrel and Brent topping $87 per barrel (read: Oil Price at 2023 High: Make Profits With Leveraged ETFs).
Investors should note that Wall Street has lost momentum since the start of August triggered by the U.S. credit rating downgrade and multiple bank downgrades. The Fed’s hawkish signal, slowing U.S. job market and weak China data added to the woes.
If these were not enough, Moody's recent credit rating downgrade of some small-and-mid-sized banks has sent ripples through the U.S. banking sector. The downgrade comes as these financial institutions grapple with a complex mix of challenges, from interest rate volatility to asset-liability management risks. Hence, the markets remained edgy (read: Moody's Downgrade 10 U.S. Banks: ETF Strategies to Play).
Against this backdrop, below we highlight a few winning ETFs of the last week.
ETFs in Focus
Breakwave Dry Bulk Shipping ETF (BDRY - Free Report) – Up 9%
The underlying Capesize 5TC Index, Panamax 4TC Index & Supramax 6TC Index measure rates for shipping dry bulk freight. The expense ratio of the fund is 3.50%.
United States Natural Gas Fund LP (UNG - Free Report) – Up 7.8%
The United States Natural Gas ETF LP is an exchange-traded security that is designed to track in percentage terms the movements of natural gas prices. The expense ratio of the fund is 1.06%.
Sprott Junior Uranium Miners ETF (URNJ - Free Report) – Up 6.3%
The underlying Nasdaq Sprott Junior Uranium Miners Index track the performance of companies that derive at least 50% of their revenue and assets from mining, exploration, development, and production of uranium; earning uranium royalties; and supplying uranium. The fund charges 80 bps in fees.
iShares U.S. Pharmaceuticals ETF (IHE - Free Report) – Up 5.6%
The underlying Dow Jones U.S. Select Pharmaceuticals Index is free-float adjusted market capitalization-weighted index. It includes pharmaceutical companies such as manufacturers of prescription or over-the-counter drugs or vaccines, but excludes producers of vitamins. The fund charges 39 bps in fees.
VanEck Pharmaceutical ETF (PPH - Free Report) – Up 4.6%
The underlying MVIS US Listed Pharmaceutical 25 Index tracks the overall performance of companies involved in pharmaceuticals, including pharmaceutical research and development as well a production, marketing and sales of pharmaceuticals. The fund charges 36 bps in fees.
iPath Global Carbon ETN (GRN - Free Report) – Up 4.3%
The underlying Barclays Global Carbon II TR USD Index seeks to provide exposure to the price of carbon as measured by the return of futures contracts on carbon emissions credits from the European Union Emission Trading Scheme and the Kyoto Protocol Clean Development Mechanism. The fund charges 75 bps in fees.