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Wall Street delivered a moderate performance last week with the S&P 500 nudging up 0.4%, the Dow Jones adding about 0.3%, the Nasdaq Composite edging up only 0.1% and the Russell 2000 adding about 1.9%, respectively.
Small-Caps Gaining Strength
Small-cap stocks have lagged its large-cap cousins so far this year. However, since June, the Russell 2000 index that predominantly tracks U.S. small-cap stocks is up for a catch-up rally with the large-caps (read: Are the Tables Turning for Small-Cap ETFs?).
Investors have begun pouring money into small-cap stocks as they are confident about the present state of the economy, and are to a great extent looking beyond the big-tech boom. Since small-cap stocks’ larger portion of revenues is tied to the domestic economy, these gained strength after a much stronger-than-anticipated increase in May’s nonfarm payroll (read: 4 Sector ETFs & Stocks to Bet on Superb May Jobs Data).
Regional Banks Bounce Back
As the chaos related to the regional banking failures settled down, these stocks bounced back with an immense force, due to investors’ considerably high risk-on sentiment. These stocks are now trading at a six-week high. Financial institutions such as PacWest and Western Alliance, which previously found themselves in troubled waters, have made a moderate comeback after a significant dip during the peak of the crisis. Regional deposits and loans also rose in recent weeks (read: U.S. Regional Bank ETFs at a Six-Week High: Here's Why).
Crypto Market in Jeopardy
The crypto market was on roller-coaster ride last week despite legal headwinds faced by prominent crypto platforms such as Binance and Coinbase. In fact, investors dismissed these concerns and the crypto market capitalization climbed to an impressive $1.17 trillion. This put focus on ETFs like Global X Blockchain ETF (BKCH), Valkyrie Bitcoin Miners ETF (WGMI) and Bitwise Crypto Industry Innovators ETF (BITQ) (read: Time to Buy the Dip in Crypto ETFs?).
S&P 500 Enters New Bull Market
The S&P 500 has entered a new bull market, and the indicators seem to support its continuity. From chances of easing interest rate hikes to increasing corporate earnings and a historical pattern favoring the bulls and the positive momentum appears set to stay. IPOs too are leading the markets higher silently.
Saudi Pledges Extra Oil Output Cuts
Saudi Arabia, the leading oil exporter, announced a voluntary production cut of one million barrels per day. During an OPEC+ meeting, the group decided to maintain planned production cuts for the rest of the year. OPEC+ supplies approximately 40% of global crude oil and extended earlier supply cuts by an additional 1.4 million barrels per day until the end of 2024. However, Saudi Arabia's decision to reduce its output from 10 million to 9 million barrels per day had a significant impact on global markets, leading to an increase in oil prices.
Japan Investing Stayed Strong
A slew of robust corporate earnings, foreign buying, steady BOJ policy, a weaker yen and increased buybacks boosted investors’ sentiment in Japan’s stocks, with most analysts turning bullish on the world’s third-largest economy. U.S. debt-ceiling deal and higher-than-expected GDP growth have added to the strength. WisdomTree Japan Hedged Equity ETF (DXJ - Free Report) added decent gains of 2.1% last week.
Against this backdrop, below we highlight a few top-performing ETFs of last week.
ETFs in Focus
KraneShares Global Carbon Offset Strategy ETF ) – Up 30.8%
The KraneShares Global Carbon Offset Strategy ETF provides broad coverage of the voluntary carbon market by tracking carbon offset futures contracts. The fund charges 79 bps in fees.
The underlying MSCI Mexico IMI 25/50 Index is designed to measure the performance of the large, mid and small-capitalization segments of the Mexican equity market, covering approximately 99% of the free float-adjusted market capitalization in Mexico. The expense ratio of MEXX is 1.23%.
Commodity Trust I Breakwave Tanker Shipping ETF (BWET - Free Report) ) – Up 10.9%
The Breakwave Tanker Shipping ETF provides long exposure to the crude oil tanker shipping market through a portfolio of near-dated futures contracts on indices that measure the cost of shipping crude oil. The expense ratio of 3.50%.
iPath.B Natural Gas Subindex ETN ) – Up 7.0%
The underlying 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. The fund charges 45 bps in fees.
Franklin FTSE South Africa ETF ) – Up 9.7%
The underlying FTSE/JSE South Africa Capped Index is a market-capitalization weighted index representing the performance of South African large and mid-capitalization stocks. The fund charges 19 bps in fees.
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5 Best-Performing ETFs of Last Week
Wall Street delivered a moderate performance last week with the S&P 500 nudging up 0.4%, the Dow Jones adding about 0.3%, the Nasdaq Composite edging up only 0.1% and the Russell 2000 adding about 1.9%, respectively.
Small-Caps Gaining Strength
Small-cap stocks have lagged its large-cap cousins so far this year. However, since June, the Russell 2000 index that predominantly tracks U.S. small-cap stocks is up for a catch-up rally with the large-caps (read: Are the Tables Turning for Small-Cap ETFs?).
Investors have begun pouring money into small-cap stocks as they are confident about the present state of the economy, and are to a great extent looking beyond the big-tech boom. Since small-cap stocks’ larger portion of revenues is tied to the domestic economy, these gained strength after a much stronger-than-anticipated increase in May’s nonfarm payroll (read: 4 Sector ETFs & Stocks to Bet on Superb May Jobs Data).
Regional Banks Bounce Back
As the chaos related to the regional banking failures settled down, these stocks bounced back with an immense force, due to investors’ considerably high risk-on sentiment. These stocks are now trading at a six-week high. Financial institutions such as PacWest and Western Alliance, which previously found themselves in troubled waters, have made a moderate comeback after a significant dip during the peak of the crisis. Regional deposits and loans also rose in recent weeks (read: U.S. Regional Bank ETFs at a Six-Week High: Here's Why).
Crypto Market in Jeopardy
The crypto market was on roller-coaster ride last week despite legal headwinds faced by prominent crypto platforms such as Binance and Coinbase. In fact, investors dismissed these concerns and the crypto market capitalization climbed to an impressive $1.17 trillion. This put focus on ETFs like Global X Blockchain ETF (BKCH), Valkyrie Bitcoin Miners ETF (WGMI) and Bitwise Crypto Industry Innovators ETF (BITQ) (read: Time to Buy the Dip in Crypto ETFs?).
S&P 500 Enters New Bull Market
The S&P 500 has entered a new bull market, and the indicators seem to support its continuity. From chances of easing interest rate hikes to increasing corporate earnings and a historical pattern favoring the bulls and the positive momentum appears set to stay. IPOs too are leading the markets higher silently.
Saudi Pledges Extra Oil Output Cuts
Saudi Arabia, the leading oil exporter, announced a voluntary production cut of one million barrels per day. During an OPEC+ meeting, the group decided to maintain planned production cuts for the rest of the year. OPEC+ supplies approximately 40% of global crude oil and extended earlier supply cuts by an additional 1.4 million barrels per day until the end of 2024. However, Saudi Arabia's decision to reduce its output from 10 million to 9 million barrels per day had a significant impact on global markets, leading to an increase in oil prices.
Japan Investing Stayed Strong
A slew of robust corporate earnings, foreign buying, steady BOJ policy, a weaker yen and increased buybacks boosted investors’ sentiment in Japan’s stocks, with most analysts turning bullish on the world’s third-largest economy. U.S. debt-ceiling deal and higher-than-expected GDP growth have added to the strength. WisdomTree Japan Hedged Equity ETF (DXJ - Free Report) added decent gains of 2.1% last week.
Against this backdrop, below we highlight a few top-performing ETFs of last week.
ETFs in Focus
KraneShares Global Carbon Offset Strategy ETF ) – Up 30.8%
The KraneShares Global Carbon Offset Strategy ETF provides broad coverage of the voluntary carbon market by tracking carbon offset futures contracts. The fund charges 79 bps in fees.
MSCI Mexico Bull 3X Direxion (MEXX - Free Report) ) – Up 13.7%
The underlying MSCI Mexico IMI 25/50 Index is designed to measure the performance of the large, mid and small-capitalization segments of the Mexican equity market, covering approximately 99% of the free float-adjusted market capitalization in Mexico. The expense ratio of MEXX is 1.23%.
Commodity Trust I Breakwave Tanker Shipping ETF (BWET - Free Report) ) – Up 10.9%
The Breakwave Tanker Shipping ETF provides long exposure to the crude oil tanker shipping market through a portfolio of near-dated futures contracts on indices that measure the cost of shipping crude oil. The expense ratio of 3.50%.
iPath.B Natural Gas Subindex ETN ) – Up 7.0%
The underlying 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. The fund charges 45 bps in fees.
Franklin FTSE South Africa ETF ) – Up 9.7%
The underlying FTSE/JSE South Africa Capped Index is a market-capitalization weighted index representing the performance of South African large and mid-capitalization stocks. The fund charges 19 bps in fees.