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5 ETFs at All-Time Highs as S&P 500 Rally Continues
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Stocks surged on Thursday, with the S&P 500 reaching a new record high, despite a weaker-than-expected retail sales report that prompted doubts about the possibility of a "soft landing" for the U.S. economy. Notably, January retail sales dropped by 0.8% compared to the previous month, leading to speculation about the durability of consumer spending.
The Dow Jones Industrial Average rose 0.9% and the tech-heavy Nasdaq Composite grew by 0.3%. The S&P 500 jumped almost 0.6% to achieve a record closing high of 5,029.73. The market rebounded from an early-week downturn, recovering from significant losses experienced on Tuesday after a higher-than-anticipated inflation report tempered expectations for cuts in interest rates. Remarks from Fed officials downplaying the inflation data helped calm market jitters.
However, investors remain uncertain if this recovery is a brief relief, influenced by seasonal factors, or if it signals the beginning of a more extensive market correction. Several Wall Street analysts have noted signs of market resilience amid the recent declines.
Against this backdrop, below we highlight a few ETFs that rallied along with the S&P 500 and hit an all-time on Feb 15, 2024.
ETFs in Focus
Invesco S&P Midcap MomentumETF (XMMO - Free Report) – Up 3.2% on Feb 15, 2024
The underlying S&P Midcap 400 Momentum Index is composed of securities with strong growth characteristics selected from the Russell Midcap Index. The Zacks Rank #2 (Buy) fund charges 34 bps in fees.
US Pharmaceuticals iShares ETF (IHE - Free Report) – Up 1.83% on Feb 15, 2024
The underlying Dow Jones U.S. Select Pharmaceuticals Index is free-float adjusted market capitalization-weighted index. It includes pharmaceutical companies such as manufacturers of prescription or over-the-counter drugs or vaccines, but excludes producers of vitamins. The fund charges 40 bps in fees.
Invesco S&P SmallCap Industrials ETF (PSCI - Free Report) – Up 2.28% on Feb 15, 2024
The underlying S&P SmallCap 600 Capped Industrials Index measures the overall performance of the securities of US industrial companies which are principally engaged in the business of providing industrial products and services, including engineering, heavy machinery, construction, electrical equipment, aerospace and defense and general manufacturing. The fund charges 29 bps in fees.
First Trust RBA American Industrial Renaissance ETF (AIRR - Free Report) – Up 2.18% on Feb 15, 2024
The underlying Richard Bernstein Advisors American Industrial Renaissance Index measures the performance of small and mid-cap US companies in the industrial and community banking sectors. The fund charges 70 bps in fees.
Pacer US Cash Cows 100 ETF (COWZ - Free Report) – Up 1.76% on Feb 15, 2024
The underlying Pacer US Cash Cows 100 Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization U.S. companies with high free cash flow yields. The Zacks Rank #2 fund charges 49 bps in fees.
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5 ETFs at All-Time Highs as S&P 500 Rally Continues
Stocks surged on Thursday, with the S&P 500 reaching a new record high, despite a weaker-than-expected retail sales report that prompted doubts about the possibility of a "soft landing" for the U.S. economy. Notably, January retail sales dropped by 0.8% compared to the previous month, leading to speculation about the durability of consumer spending.
The Dow Jones Industrial Average rose 0.9% and the tech-heavy Nasdaq Composite grew by 0.3%. The S&P 500 jumped almost 0.6% to achieve a record closing high of 5,029.73. The market rebounded from an early-week downturn, recovering from significant losses experienced on Tuesday after a higher-than-anticipated inflation report tempered expectations for cuts in interest rates. Remarks from Fed officials downplaying the inflation data helped calm market jitters.
However, investors remain uncertain if this recovery is a brief relief, influenced by seasonal factors, or if it signals the beginning of a more extensive market correction. Several Wall Street analysts have noted signs of market resilience amid the recent declines.
Against this backdrop, below we highlight a few ETFs that rallied along with the S&P 500 and hit an all-time on Feb 15, 2024.
ETFs in Focus
Invesco S&P Midcap Momentum ETF (XMMO - Free Report) – Up 3.2% on Feb 15, 2024
The underlying S&P Midcap 400 Momentum Index is composed of securities with strong growth characteristics selected from the Russell Midcap Index. The Zacks Rank #2 (Buy) fund charges 34 bps in fees.
US Pharmaceuticals iShares ETF (IHE - Free Report) – Up 1.83% on Feb 15, 2024
The underlying Dow Jones U.S. Select Pharmaceuticals Index is free-float adjusted market capitalization-weighted index. It includes pharmaceutical companies such as manufacturers of prescription or over-the-counter drugs or vaccines, but excludes producers of vitamins. The fund charges 40 bps in fees.
Invesco S&P SmallCap Industrials ETF (PSCI - Free Report) – Up 2.28% on Feb 15, 2024
The underlying S&P SmallCap 600 Capped Industrials Index measures the overall performance of the securities of US industrial companies which are principally engaged in the business of providing industrial products and services, including engineering, heavy machinery, construction, electrical equipment, aerospace and defense and general manufacturing. The fund charges 29 bps in fees.
First Trust RBA American Industrial Renaissance ETF (AIRR - Free Report) – Up 2.18% on Feb 15, 2024
The underlying Richard Bernstein Advisors American Industrial Renaissance Index measures the performance of small and mid-cap US companies in the industrial and community banking sectors. The fund charges 70 bps in fees.
Pacer US Cash Cows 100 ETF (COWZ - Free Report) – Up 1.76% on Feb 15, 2024
The underlying Pacer US Cash Cows 100 Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization U.S. companies with high free cash flow yields. The Zacks Rank #2 fund charges 49 bps in fees.