COMMENTARY:
- The S&P500 Index fell 0.96% this week, reversing recent streaks of positive results. A rise in 10-year yields, inflation and election concerns all played a role in the overall decline.
- Only one S&P sector rose, Consumer Discretionary was up 0.7%. Tesla was the main driver as it represents ~15% of the index and rallied 22% this week, reported a significant increase in their quarterly profits.
- Four sectors had negative returns that were greater than -2% for the week. Materials was off 3.8%, that sector was dragged down by Newmont (-16%) and Nucor Corp (-10.6%) for the period. Other sector laggards included Health Care (-3%), Industrials (-2.8%) and Financials (-2%).
- Although Technology, had a slight dip this week (-0.3%), it’s worth noting Nvidia (+2.6%) & Microsoft (+2.4%) helped buoy the sector this week.
- Year to date all sectors continue their upward momentum, Communication Services YTD returns is 25%, while Energy has appreciated 7%.
ETF Tidbits:
Amplify listed a new active ETF this week focused on Small-Mid Cap Equity (SMAP). Blackrock was active in new fund launches; all include selections of large cap stocks. iShares Top-20 (TOPT), Nasdaq Top-30 (QTOP), Nasdaq-100 Ex Top 30 (QNXT). Other launches were Active Tech ETFs. Tech Opportunities (TEK) and A.I. Innovations & Tech (BAI).
