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Stocks marked another positive day on Monday, continuing their winning streak for the third consecutive week. The S&P 500 and the Nasdaq hit highest level since August, per Yahoo Finance. The Nasdaq 100 hits its highest in about two years after November spike.
Tech biggies rose on high expectations for artificial intelligence and optimism that the Federal Reserve will assist the economy to have a soft landing, per Bloomberg. There is an anticipation of a slowdown in U.S. policy tightening.
Investor optimism is bolstered by indications of easing inflation, leading to a belief that the Federal Reserve might halt interest rate increases. The market is now speculating on the possibility and timing of a rate cut, with a 30% chance anticipated as early as March.
Chipmakers have fueled the latest rally, with Advanced Micro Devices Inc. (AMD - Free Report) and Intel Corp. (INTC - Free Report) driving it to an 11% gain this month, putting it about 3% from its November 2021 record. Its year-to-date gain of almost 47% is the most since the post-pandemic boom in 2020, as quoted on Bloomberg.
Meanwhile, Microsoft (MSFT - Free Report) and Nvidia (NVDA - Free Report) hit an all-time high on Nov 20, mainly on AI hopes. Nvidia’s 's financial results, due Tuesday after the market closes. Microsoft hit an all-time high, influenced by Sam Altman's departure from OpenAI. Altman, along with Greg Brockman, has now joined Microsoft to lead a new advanced AI research team, as announced by Microsoft CEO Satya Nadella.
Missed the Rally?
In the past one month (as of Nov 20, 2023), the S&P 500 has gained about 7.1%, the Dow Jones has added 6.1% and the Nasdaq has jumped 8.7%. If you have missed the rally, you can bet on ETFs that have a Zacks Rank #1 (Strong Buy) or Zacks Rank #2 (Buy), have seen past-month performance more than 5% gains and their current prices lie at most 30% away from their 52-week high level.
Image: Bigstock
Missed the Rally? Buy 5 Top-Ranked ETFs
Stocks marked another positive day on Monday, continuing their winning streak for the third consecutive week. The S&P 500 and the Nasdaq hit highest level since August, per Yahoo Finance. The Nasdaq 100 hits its highest in about two years after November spike.
Tech biggies rose on high expectations for artificial intelligence and optimism that the Federal Reserve will assist the economy to have a soft landing, per Bloomberg. There is an anticipation of a slowdown in U.S. policy tightening.
Investor optimism is bolstered by indications of easing inflation, leading to a belief that the Federal Reserve might halt interest rate increases. The market is now speculating on the possibility and timing of a rate cut, with a 30% chance anticipated as early as March.
Chipmakers have fueled the latest rally, with Advanced Micro Devices Inc. (AMD - Free Report) and Intel Corp. (INTC - Free Report) driving it to an 11% gain this month, putting it about 3% from its November 2021 record. Its year-to-date gain of almost 47% is the most since the post-pandemic boom in 2020, as quoted on Bloomberg.
Meanwhile, Microsoft (MSFT - Free Report) and Nvidia (NVDA - Free Report) hit an all-time high on Nov 20, mainly on AI hopes. Nvidia’s 's financial results, due Tuesday after the market closes. Microsoft hit an all-time high, influenced by Sam Altman's departure from OpenAI. Altman, along with Greg Brockman, has now joined Microsoft to lead a new advanced AI research team, as announced by Microsoft CEO Satya Nadella.
Missed the Rally?
In the past one month (as of Nov 20, 2023), the S&P 500 has gained about 7.1%, the Dow Jones has added 6.1% and the Nasdaq has jumped 8.7%. If you have missed the rally, you can bet on ETFs that have a Zacks Rank #1 (Strong Buy) or Zacks Rank #2 (Buy), have seen past-month performance more than 5% gains and their current prices lie at most 30% away from their 52-week high level.
ETFs in Focus
Global X Cloud Computing ETF (CLOU - Free Report)
Rank: #1
Past-Month Gains: 5.54%
Price as a % of 52-Week High-Low Range: 76.25%
iShares U.S. Aerospace & Defense ETF (ITA - Free Report)
Rank: #2
Past-Month Gains: 5.55%
Price as a % of 52-Week High-Low Range: 83.88%
ProShares Big Data Refiners ETF (DAT - Free Report)
Rank: #2
Past-Month Gains: 6.29%
Price as a % of 52-Week High-Low Range: 85.42%
First Trust NASDAQ Semiconductor ETF (FTXL - Free Report)
Rank: #1
Past-Month Gains: 6.77%
Price as a % of 52-Week High-Low Range: 88.71%
Vanguard Information Technology ETF (VGT - Free Report)
Rank: #1
Past-Month Gains: 7.02%
Price as a % of 52-Week High-Low Range: 97.58%