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Wall Street delivered an upbeat performance last week on debt-ceiling hope. The S&P 500 (up 1.7%), the Dow Jones (up 0.4%), the Nasdaq Composite (up 3%) and the Russell 2000 (up 1.9%) – all key U.S. indexes were on a rallying mode on debt deal hopes. The Nasdaq is leading the Dow by the widest margin since 1991 as blue-chip gauge wiped off 2023 gains.
Last week, Thomas Simmons, Jefferies US Economist, offered a hopeful perspective, stating, "we are starting to see enough common themes in their views to feel confident that a deal is going to be announced in relatively short order," as quoted on Yahoo Finance (read: Wall Street On the Brink of Rally? Momentum ETFs to Tap).
The leisure industry too is continuing its recovery with the ebbing pandemic. Leisure industry watchers and researchers believe that the Fed will achieve its soft landing in 2023. Even baking in a soft recession this year, they’re still expecting relatively high occupancy, revenue per available room (RevPAR) and hardly any impact on the room rate.
Meanwhile, U.S. corporate earnings came in at decent. In the face of ongoing ambiguity, American consumers are demonstrating tenacity, a trend visible in Walmart's sturdy quarterly performance. Pointing to healthy consumer segment in America, Walmart upgraded its annual adjusted earnings per share prediction from the former band of $5.90-$6.05 to a revised spectrum of $6.10-$6.20.
Against this backdrop, below, we highlight a few winning ETFs of last week.
ETFs in Focus
Vaneck Digital Transformation ETF (DAPP - Free Report) ) – Up 14.4%
The increased risk-on trade sentiments boosted the digital transformation stocks also. The underlying MVIS Global Digital Assets Equity Index is a rules-based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the global digital asset segment.
Natural gas spot prices rose at most locations. Price rose as Canada’s wildfires kept gas exports from Canada near a 25-month low, per investing.com. Concerns over a likely future decline in output is rife as data revealed that energy companies had lowered the number of rigs for drilling gas.
Last week, Britain launched a $1.2 billion semiconductor plan after U.S. and EU binge on chips. The investment will form part of a 20-year strategy on semiconductors — which has faced lengthy delays — outlining the U.K.’s plan to secure its chip supplies. The government will initially invest up to £200 million from 2023 to 2025 before expanding its commitments to up to £1 billion in the next decade, per a CNBC article. Plus, the latest uptake in the use of Artificial Intelligence is likely to contribute to the semiconductor space.
Truemark Technology Ai & Deep Learning ETF (LRNZ - Free Report) ) – Up 8.5%
This ETF is active and does not track a benchmark. The TrueShares Technology, AI and Deep Learning ETF is an actively-managed exchange-traded fund that seeks total return by investing in companies that have a competitive advantage with respect to the development and utilization of artificial intelligence, machine learning, or other deep learning technologies.
This ETF is active and does not track a benchmark. The Spear Alpha ETF invests in companies poised to benefit from breakthrough trends in industrial technology.
Industrial technology has experienced remarkable growth in recent years, driven by advancements in automation, robotics, IoT, artificial intelligence, and renewable energy solutions. These developments have revolutionized manufacturing processes, improving productivity, quality control, and worker safety. Additionally, additive manufacturing and nanotechnology are driving innovation and the development of new products and materials. This rapid growth in industrial technology is reshaping industries, fostering innovation, and contributing to economic growth.
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Top ETFs of Last Week
Wall Street delivered an upbeat performance last week on debt-ceiling hope. The S&P 500 (up 1.7%), the Dow Jones (up 0.4%), the Nasdaq Composite (up 3%) and the Russell 2000 (up 1.9%) – all key U.S. indexes were on a rallying mode on debt deal hopes. The Nasdaq is leading the Dow by the widest margin since 1991 as blue-chip gauge wiped off 2023 gains.
Last week, Thomas Simmons, Jefferies US Economist, offered a hopeful perspective, stating, "we are starting to see enough common themes in their views to feel confident that a deal is going to be announced in relatively short order," as quoted on Yahoo Finance (read: Wall Street On the Brink of Rally? Momentum ETFs to Tap).
The leisure industry too is continuing its recovery with the ebbing pandemic. Leisure industry watchers and researchers believe that the Fed will achieve its soft landing in 2023. Even baking in a soft recession this year, they’re still expecting relatively high occupancy, revenue per available room (RevPAR) and hardly any impact on the room rate.
Meanwhile, U.S. corporate earnings came in at decent. In the face of ongoing ambiguity, American consumers are demonstrating tenacity, a trend visible in Walmart's sturdy quarterly performance. Pointing to healthy consumer segment in America, Walmart upgraded its annual adjusted earnings per share prediction from the former band of $5.90-$6.05 to a revised spectrum of $6.10-$6.20.
Against this backdrop, below, we highlight a few winning ETFs of last week.
ETFs in Focus
Vaneck Digital Transformation ETF (DAPP - Free Report) ) – Up 14.4%
The increased risk-on trade sentiments boosted the digital transformation stocks also. The underlying MVIS Global Digital Assets Equity Index is a rules-based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the global digital asset segment.
US Natural Gas Fund (UNG - Free Report) ) – Up 12.4%
Natural gas spot prices rose at most locations. Price rose as Canada’s wildfires kept gas exports from Canada near a 25-month low, per investing.com. Concerns over a likely future decline in output is rife as data revealed that energy companies had lowered the number of rigs for drilling gas.
S&P Semiconductor SPDR (XSD - Free Report) ) – Up 8.6%
Last week, Britain launched a $1.2 billion semiconductor plan after U.S. and EU binge on chips. The investment will form part of a 20-year strategy on semiconductors — which has faced lengthy delays — outlining the U.K.’s plan to secure its chip supplies. The government will initially invest up to £200 million from 2023 to 2025 before expanding its commitments to up to £1 billion in the next decade, per a CNBC article. Plus, the latest uptake in the use of Artificial Intelligence is likely to contribute to the semiconductor space.
Truemark Technology Ai & Deep Learning ETF (LRNZ - Free Report) ) – Up 8.5%
This ETF is active and does not track a benchmark. The TrueShares Technology, AI and Deep Learning ETF is an actively-managed exchange-traded fund that seeks total return by investing in companies that have a competitive advantage with respect to the development and utilization of artificial intelligence, machine learning, or other deep learning technologies.
Spear Alpha ETF (SPRX - Free Report) ) – Up 8.3%
This ETF is active and does not track a benchmark. The Spear Alpha ETF invests in companies poised to benefit from breakthrough trends in industrial technology.
Industrial technology has experienced remarkable growth in recent years, driven by advancements in automation, robotics, IoT, artificial intelligence, and renewable energy solutions. These developments have revolutionized manufacturing processes, improving productivity, quality control, and worker safety. Additionally, additive manufacturing and nanotechnology are driving innovation and the development of new products and materials. This rapid growth in industrial technology is reshaping industries, fostering innovation, and contributing to economic growth.