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Last week was moderate for Wall Street with the S&P 500, the Dow Jones and the Nasdaq gaining about 1.5%, 1.9% and 1.5%, respectively. Resurgence in vaccine hopes was marred to some extent by the news that President Trump has been diagnosed with coronavirus. This has stirred uncertainty over the election in November.
Against such a backdrop, below we highlight a few winning ETF areas of the last week.
Clean Energy
Growing consumer electric vehicle adoption, an increase in charging stations by U.S. states and increased solar-storage installations have acted as a tailwind for the clean energy sector. The space is also set to benefit from the increasing deployment of clean energy in Europe and China. Among the broader clean energy space, solar stocks are especially going through the roof.
Higher chances of Democratic candidate Biden’s winning the U.S. presidential election has also been boosting clean energy stocks. This is because Biden is a proponent of clean energy. Winners in this segment are Invesco Solar ETF (TAN - Free Report) (up 12.8%), iShares Global Clean Energy ETF (ICLN) (up 7.9%), SPDR Kensho Clean Power ETF (CNRG) (up 7.5%) and Invesco WilderHill Clean Energy ETF (PBW) (up 7.4%).
Shipping
The underlying Capesize 5TC Index, Panamax 4TC Index and Supramax 6TC Index measure rates for shipping dry bulk freight.Breakwave Dry Bulk Shipping ETF (BDRY - Free Report) seeks to provide investors with exposure to the daily change in the price of dry bulk freight futures, before expenses and liabilities. The fund has gained 7.2% past week.
Pet Care
Pet ownership has increased this year during the coronavirus pandemic as stuck-at-home Americans are indulging in adopting a pet. The trend is benefiting a host of pet retailer and health care stocks, according to Bank of America, as quoted on CNBC. The Wall Street firm surveyed more than 1,000 U.S. consumers and 69% of respondents have at least one animal, while 37% have taken a pet in the last six months, per the CNBC article. No wonder, ProShares Pet Care ETF (PAWZ - Free Report) has gained 5.2% past week.
Esports
The gaming industry has been booming this year buoyed by the pandemic as people are mostly stuck at home. As a result, spending on video games in the United States skyrocketed to new heights in the second quarter.
Per market researcher NPD, consumers spent $11.6 billion on video game hardware, software and accessories during the second quarter, up 30% year over year and 7% from the first quarter, when spending had hit $10.9 billion. With the impact of the pandemic still strong, sports betting fund Roundhill Sports Betting iGaming ETF (BETZ - Free Report) added 4.1% in the past week (read: 5 ETFs to Play Record-Breaking U.S. Gaming Sales in Q2).
Palladium
Aberdeen Standard Physical Palladium Shares ETF (PALL - Free Report) seeks to reflect the performance of the price of physical palladium, less the expenses of the Trust. The price of the metal is pretty much linked with the automotive industry. Notably, the automotive industry, mainly involved in the manufacturing of catalytic converters for vehicles, is a big driver for palladium.
Growing environmental scrutiny of vehicle emissions in China and Europe has clearly favored palladium demand. The fundis up 3.9% past week.
Semiconductor
The space is benefiting from the “5G revolution”, continuing impact of the pandemic and the resultant work-and-learn-from-home culture, merger and acquisitions. The Latest Arm-Nvidia deal is the biggest M&A deal in the semiconductor history. SPDR S&P Semiconductor ETF (XSD - Free Report) has gained 3.8% past week.
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Top-Performing ETF Areas of Last Week
Last week was moderate for Wall Street with the S&P 500, the Dow Jones and the Nasdaq gaining about 1.5%, 1.9% and 1.5%, respectively. Resurgence in vaccine hopes was marred to some extent by the news that President Trump has been diagnosed with coronavirus. This has stirred uncertainty over the election in November.
Against such a backdrop, below we highlight a few winning ETF areas of the last week.
Clean Energy
Growing consumer electric vehicle adoption, an increase in charging stations by U.S. states and increased solar-storage installations have acted as a tailwind for the clean energy sector. The space is also set to benefit from the increasing deployment of clean energy in Europe and China. Among the broader clean energy space, solar stocks are especially going through the roof.
Higher chances of Democratic candidate Biden’s winning the U.S. presidential election has also been boosting clean energy stocks. This is because Biden is a proponent of clean energy. Winners in this segment are Invesco Solar ETF (TAN - Free Report) (up 12.8%), iShares Global Clean Energy ETF (ICLN) (up 7.9%), SPDR Kensho Clean Power ETF (CNRG) (up 7.5%) and Invesco WilderHill Clean Energy ETF (PBW) (up 7.4%).
Shipping
The underlying Capesize 5TC Index, Panamax 4TC Index and Supramax 6TC Index measure rates for shipping dry bulk freight.Breakwave Dry Bulk Shipping ETF (BDRY - Free Report) seeks to provide investors with exposure to the daily change in the price of dry bulk freight futures, before expenses and liabilities. The fund has gained 7.2% past week.
Pet Care
Pet ownership has increased this year during the coronavirus pandemic as stuck-at-home Americans are indulging in adopting a pet. The trend is benefiting a host of pet retailer and health care stocks, according to Bank of America, as quoted on CNBC. The Wall Street firm surveyed more than 1,000 U.S. consumers and 69% of respondents have at least one animal, while 37% have taken a pet in the last six months, per the CNBC article. No wonder, ProShares Pet Care ETF (PAWZ - Free Report) has gained 5.2% past week.
Esports
The gaming industry has been booming this year buoyed by the pandemic as people are mostly stuck at home. As a result, spending on video games in the United States skyrocketed to new heights in the second quarter.
Per market researcher NPD, consumers spent $11.6 billion on video game hardware, software and accessories during the second quarter, up 30% year over year and 7% from the first quarter, when spending had hit $10.9 billion. With the impact of the pandemic still strong, sports betting fund Roundhill Sports Betting iGaming ETF (BETZ - Free Report) added 4.1% in the past week (read: 5 ETFs to Play Record-Breaking U.S. Gaming Sales in Q2).
Palladium
Aberdeen Standard Physical Palladium Shares ETF (PALL - Free Report) seeks to reflect the performance of the price of physical palladium, less the expenses of the Trust. The price of the metal is pretty much linked with the automotive industry. Notably, the automotive industry, mainly involved in the manufacturing of catalytic converters for vehicles, is a big driver for palladium.
Growing environmental scrutiny of vehicle emissions in China and Europe has clearly favored palladium demand. The fundis up 3.9% past week.
Semiconductor
The space is benefiting from the “5G revolution”, continuing impact of the pandemic and the resultant work-and-learn-from-home culture, merger and acquisitions. The Latest Arm-Nvidia deal is the biggest M&A deal in the semiconductor history. SPDR S&P Semiconductor ETF (XSD - Free Report) has gained 3.8% past week.
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>