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Wall Street displayed a mixed performance last week with the S&P 500 offering 0.2%, the Dow Jones nudging up 0.1% and the Nasdaq gaining losing 0.14%. The latest report on fourth quarter GDP for the year 2023, released Thursday morning, revealed that the US economy expanded at a 3.4% rate, up from the previous estimate of 3.2%.
The personal consumption expenditures price index excluding food and energy rose 2.8% on a 12-month basis and was up 0.3% sequentially, matching estimates. Core PCE was up 0.3% for the month and 2.5% at the 12-month rate, compared to estimates for 0.4% and 2.5%, per CNBC.
In terms of employment, initial jobless claims for the last week stood at 210,000, slightly below the estimated 212,000. Overall, the steady economic growth and contained inflation strengthened the bets for Fed rate cuts this year. U.S. treasury yield fell to 4.20% on Mar 28, 2024, after starting the week at 4.22% and hitting a weekly closing high of 4.25% on Mar 25.
Meanwhile, gold gained last week withgold bullion ETF SPDR Gold Shares (GLD - Free Report) gaining 2.2%. The reason behind the rally is the rise of the geopolitical risk, be it Hamas & Israel or Russia - Ukraine. The central banks have consistently bought gold. Notably, gold is viewed as a safe haven asset.
Against this backdrop, below we highlight a few winning ETF areas of last week.
ETFs in Focus
Amplify Alternative Harvest ETF (MJ - Free Report) – Up 13%
A rescheduling of status seems to be a certainty for marijuana. In a recent White House meeting, Vice President Kamala Harris urged the DEA to expedite the rescheduling of marijuana, criticizing its current Schedule 1 classification as "absurd" and "patently unfair." She put stress on the need for swift action and highlighted ongoing efforts toward rescheduling.
The ETF launches in January have offered stability in the cryptocurrency. Bitcoin is slated for the having event in April. Many investors believe the cryptocurrency may see a solid surge before having. The biggest cryptocurrency jumped to the level of $71,675 on Mar 27.
iShares MSCI Global Silver Miners ETF (SLVP - Free Report) – Up 5.7%
Like gold, silver prices also gained last week. Apart from the safe-haven demand, silver also has usage in industrial activities. Silver mining stocks too were in great shape last week.
As the mining stocks act as leveraged plays of the underlying metal, gold miners' stocks jumped last week.
KraneShares European Carbon Allowance Strategy ETF (KEUA - Free Report) – Up 4.5%
The underlying IHS Markit Carbon EUA Index tracks the most traded EUA futures contracts. As countries strive to reduce emissions, carbon allowances stand to benefit. Most major carbon allowance markets have built-in tightening mechanisms that decrease the supply of allowances over time. The combination of a reduced supply and increasing demand is likely to exert upward pressure on the price of carbon allowances in the years to come.
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5 Top-Performing ETF Areas of Last Week
Wall Street displayed a mixed performance last week with the S&P 500 offering 0.2%, the Dow Jones nudging up 0.1% and the Nasdaq gaining losing 0.14%. The latest report on fourth quarter GDP for the year 2023, released Thursday morning, revealed that the US economy expanded at a 3.4% rate, up from the previous estimate of 3.2%.
The personal consumption expenditures price index excluding food and energy rose 2.8% on a 12-month basis and was up 0.3% sequentially, matching estimates. Core PCE was up 0.3% for the month and 2.5% at the 12-month rate, compared to estimates for 0.4% and 2.5%, per CNBC.
In terms of employment, initial jobless claims for the last week stood at 210,000, slightly below the estimated 212,000. Overall, the steady economic growth and contained inflation strengthened the bets for Fed rate cuts this year. U.S. treasury yield fell to 4.20% on Mar 28, 2024, after starting the week at 4.22% and hitting a weekly closing high of 4.25% on Mar 25.
Meanwhile, gold gained last week withgold bullion ETF SPDR Gold Shares (GLD - Free Report) gaining 2.2%. The reason behind the rally is the rise of the geopolitical risk, be it Hamas & Israel or Russia - Ukraine. The central banks have consistently bought gold. Notably, gold is viewed as a safe haven asset.
Against this backdrop, below we highlight a few winning ETF areas of last week.
ETFs in Focus
Amplify Alternative Harvest ETF (MJ - Free Report) – Up 13%
A rescheduling of status seems to be a certainty for marijuana. In a recent White House meeting, Vice President Kamala Harris urged the DEA to expedite the rescheduling of marijuana, criticizing its current Schedule 1 classification as "absurd" and "patently unfair." She put stress on the need for swift action and highlighted ongoing efforts toward rescheduling.
iShares Bitcoin Trust Registered (IBIT - Free Report) – Up 8.9%
The ETF launches in January have offered stability in the cryptocurrency. Bitcoin is slated for the having event in April. Many investors believe the cryptocurrency may see a solid surge before having. The biggest cryptocurrency jumped to the level of $71,675 on Mar 27.
iShares MSCI Global Silver Miners ETF (SLVP - Free Report) – Up 5.7%
Like gold, silver prices also gained last week. Apart from the safe-haven demand, silver also has usage in industrial activities. Silver mining stocks too were in great shape last week.
Sprott Gold Miners ETF (SGDM - Free Report) – Up 5.7%
As the mining stocks act as leveraged plays of the underlying metal, gold miners' stocks jumped last week.
KraneShares European Carbon Allowance Strategy ETF (KEUA - Free Report) – Up 4.5%
The underlying IHS Markit Carbon EUA Index tracks the most traded EUA futures contracts. As countries strive to reduce emissions, carbon allowances stand to benefit. Most major carbon allowance markets have built-in tightening mechanisms that decrease the supply of allowances over time. The combination of a reduced supply and increasing demand is likely to exert upward pressure on the price of carbon allowances in the years to come.