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Fidelity MSCI Consumer Staples Index ETF (FSTA) - free report >>
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Fidelity MSCI Consumer Staples Index ETF (FSTA) - free report >>
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Consumer Staples ETF (FSTA) Hits New 52-Week High
Fidelity Consumer Staples MSCI ETF (FSTA - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and moved up 18.52% from its 52-week low price of $40.28/share.
Are more gains in store for this ETF? Let us take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed.
FSTA in Focus
The underlying MSCI USA IMI Consumer Staples Index represents the performance of the consumer staples sector in the U.S. equity market. The product charges 8 bps in annual fees (see: all Consumer Staples ETFs).
Why the Move?
The consumer staples sector has been an area to watch lately, given the uncertainty surrounding the timing of the Fed rate cuts. The consumer staples sector is viewed as defensive as it includes a variety of items like food & beverages, and non-durable household goods that are essential for daily needs. Escalating geopolitical tensions, which are decreasing the risk appetite of investors, also bode well for the sector.
More Gains Ahead?
Currently, FSTA has a Zacks ETF Rank #3 (Medium) and a Medium risk outlook. However, it might continue its strong performance in the near term, with a positive weighted alpha of 5.60, which gives cues of a further rally.