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Wall Street was upbeat last week as the S&P 500 (up 1.4%), the Dow Jones (up 1.2%), the Nasdaq Composite (up 1.7%) and the Russell 2000 (up 0.5%) remained in the positive territory. Abating banking crisis and a less-hawkish Fed led to the rally in Wall Street.
As expected, the Federal Reserve hiked its benchmark interest rate by 25 bps last week. The latest hike took it to a target range of 4.75%-5.00%, the highest since October 2007. The move also marked the ninth increase in rates since March 2022.
However, the Fed’s language in its statement was notably milder from the last meeting, even as it clearly stated that inflation is still “elevated.” The Fed also indicated that “some additional policy firming may be appropriate.”
In a statement, the Fed said recent banking sector developments are likely to bring "tighter credit conditions for households and businesses.” The Fed now expects the real GDP growth to be 0.4% for 2023, (down from 0.5% projected in December) and 1.2% for 2024 (down from 1.6% projected in December).
The Fed also expects the PCE inflation to be 3.3% for 2023 (up from 3.1% projected in December). However, the PCE inflation projection remained unchanged at 2.5% for 2024. The Fed Funds rate is expected to remain unchanged at 5.1% for this year, increase to 4.3% for 2024 (up from 4.1% projected in December) and unchanged at 3.1% for 2025.
However, U.S. Treasury secretary Yellen said that the Biden administration is not considering a move to broaden deposit insurance to protect savers with balances above $250,000 in the near term. This remark caused some volatility in the market.
In the corporate news segment, renowned short seller Hindenburg attacked U.S.-based technology services firm Block (SQ - Free Report) , which lost about 15% on Mar 23. Hindenburg Research said that the company permitted criminal activity with less strict controls and that it “highly” inflates Cash App’s transacting user base, a key metric of performance, per CNBC (read: Time to Buy Crypto ETFs on Hindenburg-Led Block Plunge?).
Against this backdrop, below we highlight a few ETFs that emerged winners last week.
ETFs in Focus
iPatha.B Tin Subindex TR ETN – Up 10.9%
The underlying Bloomberg Tin Subindex Total Return reflects the returns that are potentially available through an unleveraged investment in the futures contracts on tin. The fund charges 45 bps in fees.
KraneShares Cicc China 5G and Semiconductor ETF (KFVG - Free Report) – Up 8.9%
The underlying CICC China 5G and Semiconductor Leaders Index tracks the performance of companies engaged in the 5G and semiconductor related businesses, including 5G equipment, semiconductors, electronic components and big data centers. The fund charges 65 bps in fees.
Global X MSCI China Communication Services ETF – Up 8.1%
The underlying MSCI China Communication Services 10/50 Index follows a rules-based methodology that is designed to select constituents of the MSCI China Index. The fund charges 65 bps in fees.
iPath Cocoa Subindex TR Index ETN – Up 5.6%
The underlying Bloomberg Cocoa Subindex Total Return reflects the returns that are potentially available through an unleveraged investment in the futures contracts on cocoa. The fund charges 70 bps in fees.
The underlying Solactive Social Media Index is designed to reflect the performance of companies involved in the social media industry, including companies that provide social networking, file sharing, and other web-based media applications. The fund charges 65 bps in fees.
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5 ETFs Up At Least 5% Last Week
Wall Street was upbeat last week as the S&P 500 (up 1.4%), the Dow Jones (up 1.2%), the Nasdaq Composite (up 1.7%) and the Russell 2000 (up 0.5%) remained in the positive territory. Abating banking crisis and a less-hawkish Fed led to the rally in Wall Street.
As expected, the Federal Reserve hiked its benchmark interest rate by 25 bps last week. The latest hike took it to a target range of 4.75%-5.00%, the highest since October 2007. The move also marked the ninth increase in rates since March 2022.
However, the Fed’s language in its statement was notably milder from the last meeting, even as it clearly stated that inflation is still “elevated.” The Fed also indicated that “some additional policy firming may be appropriate.”
In a statement, the Fed said recent banking sector developments are likely to bring "tighter credit conditions for households and businesses.” The Fed now expects the real GDP growth to be 0.4% for 2023, (down from 0.5% projected in December) and 1.2% for 2024 (down from 1.6% projected in December).
The Fed also expects the PCE inflation to be 3.3% for 2023 (up from 3.1% projected in December). However, the PCE inflation projection remained unchanged at 2.5% for 2024. The Fed Funds rate is expected to remain unchanged at 5.1% for this year, increase to 4.3% for 2024 (up from 4.1% projected in December) and unchanged at 3.1% for 2025.
However, U.S. Treasury secretary Yellen said that the Biden administration is not considering a move to broaden deposit insurance to protect savers with balances above $250,000 in the near term. This remark caused some volatility in the market.
In the corporate news segment, renowned short seller Hindenburg attacked U.S.-based technology services firm Block (SQ - Free Report) , which lost about 15% on Mar 23. Hindenburg Research said that the company permitted criminal activity with less strict controls and that it “highly” inflates Cash App’s transacting user base, a key metric of performance, per CNBC (read: Time to Buy Crypto ETFs on Hindenburg-Led Block Plunge?).
Against this backdrop, below we highlight a few ETFs that emerged winners last week.
ETFs in Focus
iPatha.B Tin Subindex TR ETN – Up 10.9%
The underlying Bloomberg Tin Subindex Total Return reflects the returns that are potentially available through an unleveraged investment in the futures contracts on tin. The fund charges 45 bps in fees.
KraneShares Cicc China 5G and Semiconductor ETF (KFVG - Free Report) – Up 8.9%
The underlying CICC China 5G and Semiconductor Leaders Index tracks the performance of companies engaged in the 5G and semiconductor related businesses, including 5G equipment, semiconductors, electronic components and big data centers. The fund charges 65 bps in fees.
Global X MSCI China Communication Services ETF – Up 8.1%
The underlying MSCI China Communication Services 10/50 Index follows a rules-based methodology that is designed to select constituents of the MSCI China Index. The fund charges 65 bps in fees.
iPath Cocoa Subindex TR Index ETN – Up 5.6%
The underlying Bloomberg Cocoa Subindex Total Return reflects the returns that are potentially available through an unleveraged investment in the futures contracts on cocoa. The fund charges 70 bps in fees.
Global X Social Media ETF (SOCL - Free Report) – Up 5.4%
The underlying Solactive Social Media Index is designed to reflect the performance of companies involved in the social media industry, including companies that provide social networking, file sharing, and other web-based media applications. The fund charges 65 bps in fees.