COMMENTARY:
- The S&P500 Index fell this week by 64 basis points. The bumpy week follows three weeks of gains, a few lower-than-expected earnings reported in the AI space, played a role in the week’s choppiness.
- Materials was down the most falling 2.9%. Nucor Corp. (-12.2%) and Steel Dynamics (-10.6%) were the worst performers of the 28 constituents in the sector.
- Utilities fell 2.6% for the period. Vistra Corp. (-9.4%) and Constellation Energy (-5.7%) collectively are about 11% of the index contributed to the struggle this week.
- Consumer Discretionary was the top performing sector for the second week in a row. Tesla continues to thrive in this sector, it was up 12% his week and is now the second largest weight at just over 20% and puts the holding within 3% of the top spot which is owned by Amazon.
ETF TIDBITS:
Morgan Stanley converts two pathway funds to ETFs: The Morgan Stanley Pathway Large Cap Equity ETF (Ticker: MSLC) and the Morgan Stanley Pathway Small-Mid Cap Equity ETF (Ticker: MSSM)
YieldMax launched YieldMax MARA Option Income Strategy ETF (Ticker: MARO)
Simplify Asset Management launched the Simplify Downside Interest Rate Hedge Strategy ETF (Ticker: RFIX)
Zacks Investment Management launched the Zacks Focus Growth ETF (Ticker: GROZ)
