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After entering correction territory in the last week of October, the S&P 500 Index staged a solid comeback in the first week of November. The index rallied 5.7%, marking the best week since Nov 11, 2022, according to Dow Jones Market Data. SPDR S&P 500 ETF Trust (SPY - Free Report) , the proxy version of the S&P 500 Index, has risen about 6% last week.
Most of the gains were driven by optimism following comments from Federal Reserve Chairman Jerome Powell. Investors reacted positively to Powell's "slightly dovish" stance on the direction of monetary policy, which allayed fears of interest rates staying higher for longer than expected.
We have highlighted five stocks from different sectors that have gained more than 20% last week and have a Zacks Rank #1 (Strong Buy), #2 (Buy) or #3 (Hold). These are Generac Holdings Inc. (GNRC - Free Report) , Warner Bros. Discovery (WBD - Free Report) , Insulet Corporation (PODD - Free Report) , Monolithic Power Systems (MPWR - Free Report) and Expedia Group, Inc. (EXPE - Free Report) .
Last week, the Fed voted to hold interest rates at their highest range in 22 years at the conclusion of its latest policy meeting and investors bet that the central bank may be done hiking. The latest soft monthly job report bolstered the idea that the Fed is done with rate hikes. Federal Reserve Chair Jerome Powell indicated that some softening in the labor market would likely be necessary to sustain the inflationary downturn. According to CME FedWatch Tool, Fed-fund futures now put the odds of a March rate cut at 26.8% from 12.9% on Nov 2 (read: Growth ETFs to Shine as Fed Hints at End of Rate Hike Era).
This has pushed down the Treasury yields, bolstering risk-on trade. The 10-year yields logged the largest weekly decline since March, while the 30-year yield decline marked the largest one-week decline since Mar 6, 2020, according to Dow Jones Market Data.
Additionally, better-than-expected earnings added to the strength. With more than 60% of the third-quarter results already out, earnings are poised to grow despite the significant energy sector drag, which follows three back-to-back quarters of declines.
Let’s take a closer look at the fundamentals of SPY.
SPY in Focus
SPDR S&P 500 ETF Trust holds 503 stocks in its basket, with each accounting for no more than 7.52% of the assets. This suggests a nice balance across each security and prevents heavy concentration. The fund is widely spread across sectors with information technology, healthcare, financials and consumer discretionary accounting for a double-digit allocation each. SPDR S&P 500 ETF Trust has AUM of $394.1 billion and charges 9 bps in fees per year. It has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook (see: all the Large Cap Blend ETFs here).
Below we have highlighted the abovementioned five best-performing stocks in the ETF.
Best-Performing Stocks of SPY
Generac Holdings is a leading manufacturer of power generation equipment, energy storage systems and other power products, including portable, residential, commercial and industrial generators. The stock jumped 27.6% last week. It saw a positive earnings estimate revision of 4 cents over the past 90 days for the fiscal year ending January 2024.
Generac Holdings makes up for 0.02% of the assets in SPY and has a Zacks Rank #3. It has a Value Score of B.
Warner Bros. is a media and entertainment company, which creates and distributes a portfolio of content and brands across television, film and streaming. The stock surged 23.2% last week and accounts for 0.07% of the total assets.
Warner Bros. saw its earnings estimate being revised south from a loss of $1.13 to a loss of $1.15 for this year over the past seven days. It has a Zacks Rank #3 and a Growth Score of B.
Insulet is a leading developer, manufacturer and marketer of the Omnipod Insulin Management System. The stock makes up 0.053% of the assets in the SPY portfolio and has risen 21.8%.
Insulet saw a solid earnings estimate revision of a couple of cents over the past seven days for this year, with an estimated growth rate of more than 2000%. It carries a Zacks Rank #2 and has a VGM Score of B. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Monolithic Power designs, develops and markets high-performance power solutions. The company focuses on the market for high-performance analog and mixed-signal integrated circuits. The stock gained 21.4% last week and makes up for 0.06% of the SPY portfolio.
Monolithic Power saw no earnings estimate revision in the past seven days for this year and has a Zacks Rank #3. It has a Momentum Score of B.
Expedia Group is one of the largest online travel companies in the world. The company’s web portals focus on travel planning, travel purchases and travel experience sharing, thus bringing suppliers and consumers of travel-related services together. The stock has gained 21.1% and accounts for a 0.5% share in the SPY portfolio.
Expedia Group saw a positive earnings estimate revision of 4 cents over the past seven days for this year, with an estimated growth of 40.8%. It has a Zacks Rank #3 and a VGM Score of A.
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5 Stocks That Powered S&P 500 ETF Last Week
After entering correction territory in the last week of October, the S&P 500 Index staged a solid comeback in the first week of November. The index rallied 5.7%, marking the best week since Nov 11, 2022, according to Dow Jones Market Data. SPDR S&P 500 ETF Trust (SPY - Free Report) , the proxy version of the S&P 500 Index, has risen about 6% last week.
Most of the gains were driven by optimism following comments from Federal Reserve Chairman Jerome Powell. Investors reacted positively to Powell's "slightly dovish" stance on the direction of monetary policy, which allayed fears of interest rates staying higher for longer than expected.
We have highlighted five stocks from different sectors that have gained more than 20% last week and have a Zacks Rank #1 (Strong Buy), #2 (Buy) or #3 (Hold). These are Generac Holdings Inc. (GNRC - Free Report) , Warner Bros. Discovery (WBD - Free Report) , Insulet Corporation (PODD - Free Report) , Monolithic Power Systems (MPWR - Free Report) and Expedia Group, Inc. (EXPE - Free Report) .
Last week, the Fed voted to hold interest rates at their highest range in 22 years at the conclusion of its latest policy meeting and investors bet that the central bank may be done hiking. The latest soft monthly job report bolstered the idea that the Fed is done with rate hikes. Federal Reserve Chair Jerome Powell indicated that some softening in the labor market would likely be necessary to sustain the inflationary downturn. According to CME FedWatch Tool, Fed-fund futures now put the odds of a March rate cut at 26.8% from 12.9% on Nov 2 (read: Growth ETFs to Shine as Fed Hints at End of Rate Hike Era).
This has pushed down the Treasury yields, bolstering risk-on trade. The 10-year yields logged the largest weekly decline since March, while the 30-year yield decline marked the largest one-week decline since Mar 6, 2020, according to Dow Jones Market Data.
Additionally, better-than-expected earnings added to the strength. With more than 60% of the third-quarter results already out, earnings are poised to grow despite the significant energy sector drag, which follows three back-to-back quarters of declines.
Let’s take a closer look at the fundamentals of SPY.
SPY in Focus
SPDR S&P 500 ETF Trust holds 503 stocks in its basket, with each accounting for no more than 7.52% of the assets. This suggests a nice balance across each security and prevents heavy concentration. The fund is widely spread across sectors with information technology, healthcare, financials and consumer discretionary accounting for a double-digit allocation each. SPDR S&P 500 ETF Trust has AUM of $394.1 billion and charges 9 bps in fees per year. It has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook (see: all the Large Cap Blend ETFs here).
Below we have highlighted the abovementioned five best-performing stocks in the ETF.
Best-Performing Stocks of SPY
Generac Holdings is a leading manufacturer of power generation equipment, energy storage systems and other power products, including portable, residential, commercial and industrial generators. The stock jumped 27.6% last week. It saw a positive earnings estimate revision of 4 cents over the past 90 days for the fiscal year ending January 2024.
Generac Holdings makes up for 0.02% of the assets in SPY and has a Zacks Rank #3. It has a Value Score of B.
Warner Bros. is a media and entertainment company, which creates and distributes a portfolio of content and brands across television, film and streaming. The stock surged 23.2% last week and accounts for 0.07% of the total assets.
Warner Bros. saw its earnings estimate being revised south from a loss of $1.13 to a loss of $1.15 for this year over the past seven days. It has a Zacks Rank #3 and a Growth Score of B.
Insulet is a leading developer, manufacturer and marketer of the Omnipod Insulin Management System. The stock makes up 0.053% of the assets in the SPY portfolio and has risen 21.8%.
Insulet saw a solid earnings estimate revision of a couple of cents over the past seven days for this year, with an estimated growth rate of more than 2000%. It carries a Zacks Rank #2 and has a VGM Score of B. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Monolithic Power designs, develops and markets high-performance power solutions. The company focuses on the market for high-performance analog and mixed-signal integrated circuits. The stock gained 21.4% last week and makes up for 0.06% of the SPY portfolio.
Monolithic Power saw no earnings estimate revision in the past seven days for this year and has a Zacks Rank #3. It has a Momentum Score of B.
Expedia Group is one of the largest online travel companies in the world. The company’s web portals focus on travel planning, travel purchases and travel experience sharing, thus bringing suppliers and consumers of travel-related services together. The stock has gained 21.1% and accounts for a 0.5% share in the SPY portfolio.
Expedia Group saw a positive earnings estimate revision of 4 cents over the past seven days for this year, with an estimated growth of 40.8%. It has a Zacks Rank #3 and a VGM Score of A.