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Wall Street crashed last week on renewed virus fear, election uncertainty and subdued tech earnings. The S&P 500, the Dow Jones and the Nasdaq lost about 3.8%, 4.3% and 3.8%, respectively, last week. While new restrictions and lockdowns in Europe and the United States owing to rising virus cases weighed on investors’ sentiments, the Nov 3 U.S. presidential election has kept the markets edgy (read: Trick or Treat Ahead for Tech ETFs After Earnings Subdue Mood?).
The coronavirus surge in Europe has prompted France and Germany to re-impose lockdowns. This follows similar restrictions executed over the past few weeks in Italy and Spain. Meanwhile, the United States, which saw more than 500,000 cases over past week, has seen record daily infections.
Also, the tech-heavy Nasdaq 100 Invesco QQQ Trust (QQQ) lost 2.5% in the after-hour session on Oct 29 due to earnings results from the Big Tech companies. Although most of the reported third-quarter results beat expectations, shares took a beating due to the underperformance of non-financial metrics or guidance.
Among the other major developments, the U.S. economy expanded at a historic 33.1% annual rate in the third quarter — rebounding from an acute plunge in spring, as the economy was under lockdown. The Commerce Department’s estimated third-quarter growth, however, recovered only about two-thirds of the output lost early this year. The remaining one-third is yet to be gained.
Meanwhile coronavirus treatment and vaccine development are showing hopes. Moderna Inc. (MRNA) is "actively" preparing to launch its potential coronavirus vaccine mRNA-1273. Meanwhile, Johnson & Johnson (JNJ) is planning to start testing its experimental COVID-19 vaccine among those aged 12 to 18 as soon as possible.
Eli Lilly and Company’s (LLY) initial agreement with the U.S. government to provide 300,000 vials of bamlanivimab (LY-CoV555) 700 mg for $375 million looks encouraging. Moving on, Gilead Sciences (GILD) received FDA approval for the antiviral drug Veklury (remdesivir) for treating patients with COVID-19 requiring hospitalization (read: Will Coronavirus Vaccine & Treatment Optimism Drive These ETFs?).
Against this backdrop, below we highlight a few ETFs that were in the green in the downbeat market of last week.
AdvisorShares Dorsey Wright Short ETF (DWSH) – Up 8.1%
The fund can be implemented as part of a long/short strategy to provide an investor with a “buy and hold” alternative to hedge their long domestically traded equity exposure. The net expense ratio of the fund is 0.99%.
HDGE can be used as part of a long/short strategy in which an investor may synthetically integrate by pairing HDGE with a long-index ETF (or an investor’s portfolio of long positions), providing the investor with a “buy and hold” option to hedge their long domestically traded equity exposure.
iPath Series B Bloomberg Natural Gas Subindex Total Return ETN – Up 4.6%
The Bloomberg Natural Gas Subindex Total Return reflects the returns that are potentially available through an unleveraged investment in the futures contracts comprising the index plus the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.
First Trust India NIFTY 50 Equal Weight ETF (NFTY - Free Report) – Up 2.8%
The underlying NIFTY 50 Equal Weight Index is an equally weighted index that tracks the performance of the 50 largest and most-liquid Indian securities listed on the National Stock Exchange of India.
KraneShares MSCI China Environment ETF (KGRN - Free Report) – Up 2.4%
The underlying MSCI China IMI Environment 10/40 Index aims to serve as a benchmark for investors seeking exposure to Chinese companies that focus on contributing to a more environmentally sustainable economy by making efficient use of scarce natural resources or by mitigating the impact of environmental degradation.
The underlying FTSE China Incl A 25% Technology Capped Index measures and monitors the performance of publically issued common equity securities of publically traded companies that are open to foreign ownership and derive the majority of their revenues from the information technology sector in China, Hong Kong and Macau.
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6 Top-Performing ETFs of Last Week
Wall Street crashed last week on renewed virus fear, election uncertainty and subdued tech earnings. The S&P 500, the Dow Jones and the Nasdaq lost about 3.8%, 4.3% and 3.8%, respectively, last week. While new restrictions and lockdowns in Europe and the United States owing to rising virus cases weighed on investors’ sentiments, the Nov 3 U.S. presidential election has kept the markets edgy (read: Trick or Treat Ahead for Tech ETFs After Earnings Subdue Mood?).
The coronavirus surge in Europe has prompted France and Germany to re-impose lockdowns. This follows similar restrictions executed over the past few weeks in Italy and Spain. Meanwhile, the United States, which saw more than 500,000 cases over past week, has seen record daily infections.
Also, the tech-heavy Nasdaq 100 Invesco QQQ Trust (QQQ) lost 2.5% in the after-hour session on Oct 29 due to earnings results from the Big Tech companies. Although most of the reported third-quarter results beat expectations, shares took a beating due to the underperformance of non-financial metrics or guidance.
Among the other major developments, the U.S. economy expanded at a historic 33.1% annual rate in the third quarter — rebounding from an acute plunge in spring, as the economy was under lockdown. The Commerce Department’s estimated third-quarter growth, however, recovered only about two-thirds of the output lost early this year. The remaining one-third is yet to be gained.
Meanwhile coronavirus treatment and vaccine development are showing hopes. Moderna Inc. (MRNA) is "actively" preparing to launch its potential coronavirus vaccine mRNA-1273. Meanwhile, Johnson & Johnson (JNJ) is planning to start testing its experimental COVID-19 vaccine among those aged 12 to 18 as soon as possible.
Eli Lilly and Company’s (LLY) initial agreement with the U.S. government to provide 300,000 vials of bamlanivimab (LY-CoV555) 700 mg for $375 million looks encouraging. Moving on, Gilead Sciences (GILD) received FDA approval for the antiviral drug Veklury (remdesivir) for treating patients with COVID-19 requiring hospitalization (read: Will Coronavirus Vaccine & Treatment Optimism Drive These ETFs?).
Against this backdrop, below we highlight a few ETFs that were in the green in the downbeat market of last week.
AdvisorShares Dorsey Wright Short ETF (DWSH) – Up 8.1%
The fund can be implemented as part of a long/short strategy to provide an investor with a “buy and hold” alternative to hedge their long domestically traded equity exposure. The net expense ratio of the fund is 0.99%.
AdvisorShares Ranger Equity Bear ETF (HDGE - Free Report) – Up 6.7%
HDGE can be used as part of a long/short strategy in which an investor may synthetically integrate by pairing HDGE with a long-index ETF (or an investor’s portfolio of long positions), providing the investor with a “buy and hold” option to hedge their long domestically traded equity exposure.
iPath Series B Bloomberg Natural Gas Subindex Total Return ETN – Up 4.6%
The Bloomberg Natural Gas Subindex Total Return reflects the returns that are potentially available through an unleveraged investment in the futures contracts comprising the index plus the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.
First Trust India NIFTY 50 Equal Weight ETF (NFTY - Free Report) – Up 2.8%
The underlying NIFTY 50 Equal Weight Index is an equally weighted index that tracks the performance of the 50 largest and most-liquid Indian securities listed on the National Stock Exchange of India.
KraneShares MSCI China Environment ETF (KGRN - Free Report) – Up 2.4%
The underlying MSCI China IMI Environment 10/40 Index aims to serve as a benchmark for investors seeking exposure to Chinese companies that focus on contributing to a more environmentally sustainable economy by making efficient use of scarce natural resources or by mitigating the impact of environmental degradation.
Invesco China Technology ETF (CQQQ - Free Report) – Up 2.4%
The underlying FTSE China Incl A 25% Technology Capped Index measures and monitors the performance of publically issued common equity securities of publically traded companies that are open to foreign ownership and derive the majority of their revenues from the information technology sector in China, Hong Kong and Macau.
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 >>