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Wall Street delivered a decent performance last week. The S&P 500, the Dow Jones and the Nasdaq added 1.3%, 0.7% and 2.4%, respectively. The positive momentum was primarily fueled by anticipation of a less-hawkish Fed going forward and an upbeat corporate earnings season as well as oil price slump. Notably, WTI crude ETF USO dropped 4.2% last week.
Although words of caution from several hawkish Fed members halted the winning momentum in Wall Street at the start of the week, about 90% of traders were sticking with their bet that there won't be a rate hike this year, and 25% expected a rate cut in March, according to the CME FedWatch tool’s data published last week. This belief has once again had brought back optimism in the market.
Total earnings for the 88.2% of S&P 500 members that have reported results so far are up 1.1% from the same period last year on 1.7% higher revenues, with 81.6% beating EPS estimates and 61.7% beating revenue estimates per Earnings Trends issued on Nov 8, 2023. Earnings growth represents a notable improvement when compared to the recent quarters.
The National Retail Federation (NRF) stated that consumers are estimated to shell out between $957.3 billion to $966.6 billion during November and December. Thus, spending will increase between 3% and 4% over the same period last year. The growth may be slightly lower compared to recent years, but it’s still in line with the growth rate from 2010 to 2019, when the average annual holiday outlays jumped 3.6%.
All these factors kept Wall Street steady last week. Against this backdrop, below we highlight a few winning ETFs of last week.
The actively-managed Bitwise Ethereum Strategy ETF seeks to provide investors with capital appreciation. The fund charges 85 bps in fees.
Cannabis – AdvisorShares Pure US Cannabis ETF (MSOS - Free Report) ) – Up 11.2%
This ETF is active and does not track a benchmark. The AdvisorShares Pure US Cannabis ETF seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in securities of companies that derive at least 50% of their net revenue from the marijuana and hemp business in the United States and in derivatives that have economic characteristics similar to such securities. The fund charges 80 bps in fees.
The underlying Capesize 5TC Index, Panamax 4TC Index & Supramax 6TC Index measure rates for shipping dry bulk freight. The expense ratio of the fund is 3.50%.
The underlying MarketVector Vietnam Local Index tracks securities of publicly traded companies that are locally incorporated in Vietnam. The fund charges 66 bps in fees.
The underlying MVIS US Listed Semiconductor 25 Index tracks the overall performance of companies involved in semiconductor production and equipment. The fund charges 35 bps in fees.
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Best ETF Areas of Last Week
Wall Street delivered a decent performance last week. The S&P 500, the Dow Jones and the Nasdaq added 1.3%, 0.7% and 2.4%, respectively. The positive momentum was primarily fueled by anticipation of a less-hawkish Fed going forward and an upbeat corporate earnings season as well as oil price slump. Notably, WTI crude ETF USO dropped 4.2% last week.
Although words of caution from several hawkish Fed members halted the winning momentum in Wall Street at the start of the week, about 90% of traders were sticking with their bet that there won't be a rate hike this year, and 25% expected a rate cut in March, according to the CME FedWatch tool’s data published last week. This belief has once again had brought back optimism in the market.
Total earnings for the 88.2% of S&P 500 members that have reported results so far are up 1.1% from the same period last year on 1.7% higher revenues, with 81.6% beating EPS estimates and 61.7% beating revenue estimates per Earnings Trends issued on Nov 8, 2023. Earnings growth represents a notable improvement when compared to the recent quarters.
The National Retail Federation (NRF) stated that consumers are estimated to shell out between $957.3 billion to $966.6 billion during November and December. Thus, spending will increase between 3% and 4% over the same period last year. The growth may be slightly lower compared to recent years, but it’s still in line with the growth rate from 2010 to 2019, when the average annual holiday outlays jumped 3.6%.
All these factors kept Wall Street steady last week. Against this backdrop, below we highlight a few winning ETFs of last week.
ETFs in Focus
Cryptocurrency – Bitwise Ethereum Strategy ETF (AETH - Free Report) ) – Up 15.1%
The actively-managed Bitwise Ethereum Strategy ETF seeks to provide investors with capital appreciation. The fund charges 85 bps in fees.
Cannabis – AdvisorShares Pure US Cannabis ETF (MSOS - Free Report) ) – Up 11.2%
This ETF is active and does not track a benchmark. The AdvisorShares Pure US Cannabis ETF seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in securities of companies that derive at least 50% of their net revenue from the marijuana and hemp business in the United States and in derivatives that have economic characteristics similar to such securities. The fund charges 80 bps in fees.
Shipping – Breakwave Dry Bulk Shipping ETF (BDRY - Free Report) ) – Up 10.7%
The underlying Capesize 5TC Index, Panamax 4TC Index & Supramax 6TC Index measure rates for shipping dry bulk freight. The expense ratio of the fund is 3.50%.
Vietnam – VanEck Vietnam ETF (VNM - Free Report) ) – Up 5.23%
The underlying MarketVector Vietnam Local Index tracks securities of publicly traded companies that are locally incorporated in Vietnam. The fund charges 66 bps in fees.
Semiconductor – VanEck Semiconductor ETF (SMH - Free Report) ) – Up 5.20%
The underlying MVIS US Listed Semiconductor 25 Index tracks the overall performance of companies involved in semiconductor production and equipment. The fund charges 35 bps in fees.