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The Zacks Analyst Blog Highlights: SPYG, BITO, VCAR and HYDR
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For Immediate Release
Chicago, IL – November 3, 2021 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: SPDR Portfolio S&P 500 Growth ETF (SPYG - Free Report) , ProShares Bitcoin Strategy ETF (BITO - Free Report) , Simplify Volt Robocar Disruption and Tech ETF (VCAR - Free Report) and Global X Hydrogen ETF (HYDR - Free Report) .
Here are highlights from Tuesday’s Analyst Blog:
Top ETF Stories of Last Month
Wall Street was pretty upbeat in October. The S&P 500 (up 5.7%), the Dow Jones (up 4.35%), the Nasdaq Composite (up 6.40%) and the Russell 2000 (up 2.5%) – all delivered superb performance. Let’s delve a little deeper and find out which factors drove Wall Street last month.
Upbeat Start to Q3 Earnings Season
The earnings season has been upbeat. Per Zacks Earnings Trends issued on Oct 20, 2021, for the 69 S&P 500 members that have reported Q3 results through October 20, total earnings and revenues were up +35.3% and +12.9%, respectively from the same period last year, with 87.0% beating EPS estimates and 72.5% beating revenue estimates. The proportion of these 69 index members beating both EPS and revenue estimates is 66.7%.
Q3 U.S. GDP Data Short of Expectations
The American economy grew an annualized 2% in Q3 of 2021, falling shy of market forecasts of 2.7% and slowing sharply from 6.7% in Q2. It is the weakest growth of pandemic recovery as government support is fading and a surge in Delta-variant related COVID-19 cases and global supply chain issues hurt consumption and production in the period (read: 5 ETFs to Win Despite Downbeat U.S. GDP Growth).
This has probably fueled the bet over later-than-expected rate hike possibilities. The benchmark U.S. treasury yield dropped to 1.55% on Oct 29 from the monthly high of 1.68% recorded on Oct 21. However, the month started with a 1.48% benchmark treasury yield. SPDR Portfolio S&P 500 Growth ETF added 9% in the month.
Launch of Bitcoin Futures ETFs
October will be long-remembered due to the launch of first bitcoin futures ETF. The first-ever bitcoin ETF — ProShares Bitcoin Strategy ETF — went live on Oct 19 and has attracted more than billion dollars of capital in just two days. This makes BITO the fastest ETF to reach the $1 billion milestone in history. Currently, the ETF has AUM of $1.18 billion.
Tesla joined an exclusive club of mega-cap technology companies, which includes Apple, Amazon, Microsoft and Alphabet, after crossing the trillion-dollar in market capitalization for the first time in late October.
The rally came after the news of the biggest-ever order from Hertz. The rally was also driven by the news that the company's Model 3 became the first electric vehicle to top monthly sales of new cars in Europe, beating stalwarts like the Renault Clio and Volkswagen Golf. Tesla-heavy Simplify Volt Robocar Disruption and Tech ETF jumped 23.6% in October.
Energy Rally Continue
Energy rally continued in the month with United States Oil Fund, LP (USO) gaining about 8.7%. Oil prices have been surging over the past few weeks, driven mainly by supply disruptions and rising demand. Brent crude prices topped $85 per barrel in October, for the first time since late 2014, and up about 125% from the end of October 2019. Per WSJ, many traders are again betting that crude would top $100 a barrel by the year-end (read: Why Oil & Gas ETFs are Surging Again).
COP-26 & Gains in Alternative Energy
With COP-26 taking place in late-October and delegates from about 200 countries announcing how they will cut emissions by 2030, alternative energy had every reason to rally. Hydrogen is often touted as the fuel of the future as the world transitions away from fossil fuels. As a result, Global X Hydrogen ETF gained more than 20% in the month.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The Zacks Analyst Blog Highlights: SPYG, BITO, VCAR and HYDR
For Immediate Release
Chicago, IL – November 3, 2021 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: SPDR Portfolio S&P 500 Growth ETF (SPYG - Free Report) , ProShares Bitcoin Strategy ETF (BITO - Free Report) , Simplify Volt Robocar Disruption and Tech ETF (VCAR - Free Report) and Global X Hydrogen ETF (HYDR - Free Report) .
Here are highlights from Tuesday’s Analyst Blog:
Top ETF Stories of Last Month
Wall Street was pretty upbeat in October. The S&P 500 (up 5.7%), the Dow Jones (up 4.35%), the Nasdaq Composite (up 6.40%) and the Russell 2000 (up 2.5%) – all delivered superb performance. Let’s delve a little deeper and find out which factors drove Wall Street last month.
Upbeat Start to Q3 Earnings Season
The earnings season has been upbeat. Per Zacks Earnings Trends issued on Oct 20, 2021, for the 69 S&P 500 members that have reported Q3 results through October 20, total earnings and revenues were up +35.3% and +12.9%, respectively from the same period last year, with 87.0% beating EPS estimates and 72.5% beating revenue estimates. The proportion of these 69 index members beating both EPS and revenue estimates is 66.7%.
Q3 U.S. GDP Data Short of Expectations
The American economy grew an annualized 2% in Q3 of 2021, falling shy of market forecasts of 2.7% and slowing sharply from 6.7% in Q2. It is the weakest growth of pandemic recovery as government support is fading and a surge in Delta-variant related COVID-19 cases and global supply chain issues hurt consumption and production in the period (read: 5 ETFs to Win Despite Downbeat U.S. GDP Growth).
This has probably fueled the bet over later-than-expected rate hike possibilities. The benchmark U.S. treasury yield dropped to 1.55% on Oct 29 from the monthly high of 1.68% recorded on Oct 21. However, the month started with a 1.48% benchmark treasury yield. SPDR Portfolio S&P 500 Growth ETF added 9% in the month.
Launch of Bitcoin Futures ETFs
October will be long-remembered due to the launch of first bitcoin futures ETF. The first-ever bitcoin ETF — ProShares Bitcoin Strategy ETF — went live on Oct 19 and has attracted more than billion dollars of capital in just two days. This makes BITO the fastest ETF to reach the $1 billion milestone in history. Currently, the ETF has AUM of $1.18 billion.
The enthusiasm over ETFs has pushed the cryptocurrency to new all-time highs to above $66,000 in October (read: What You Should Know About Bitcoin ETFs).
Tesla’s Touch to One-Trillion Mark
Tesla joined an exclusive club of mega-cap technology companies, which includes Apple, Amazon, Microsoft and Alphabet, after crossing the trillion-dollar in market capitalization for the first time in late October.
The rally came after the news of the biggest-ever order from Hertz. The rally was also driven by the news that the company's Model 3 became the first electric vehicle to top monthly sales of new cars in Europe, beating stalwarts like the Renault Clio and Volkswagen Golf. Tesla-heavy Simplify Volt Robocar Disruption and Tech ETF jumped 23.6% in October.
Energy Rally Continue
Energy rally continued in the month with United States Oil Fund, LP (USO) gaining about 8.7%. Oil prices have been surging over the past few weeks, driven mainly by supply disruptions and rising demand. Brent crude prices topped $85 per barrel in October, for the first time since late 2014, and up about 125% from the end of October 2019. Per WSJ, many traders are again betting that crude would top $100 a barrel by the year-end (read: Why Oil & Gas ETFs are Surging Again).
COP-26 & Gains in Alternative Energy
With COP-26 taking place in late-October and delegates from about 200 countries announcing how they will cut emissions by 2030, alternative energy had every reason to rally. Hydrogen is often touted as the fuel of the future as the world transitions away from fossil fuels. As a result, Global X Hydrogen ETF gained more than 20% in the month.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.