Monday, April 26, 2021 – After alternating between gains and losses, stocks edged lower
following a week of mixed sentiment. Stocks tumbled to start the week, as
investors cautiously approached upcoming earnings announcements from a number
of bellwether companies. High valuations combined with surging global
coronavirus cases created a general sense of unease as the path towards a quick
economic rebound became clouded. While positive economic data helped stage a
mid-week rebound, reports on Thursday that the Biden administration is mulling
a sharp capital-gains tax increase helped trigger the market’s worst sell-off
since March.
These
jitters, however, were quickly reversed on Friday after encouraging economic
data helped buoy sentiment and put the major market indexes within striking
distance of their records. This end-of-week rally was sparked by key data
releases, like IHS Markit’s services sector and manufacturing surveys showing
record expansions, a surge in monthly new home sales, and robust earnings from
cyclical companies. Friday’s rally sharply minimized losses for the week, with
the Nasdaq, S&P 500, and DJIA finishing down just 0.3%, 0.1%, and 0.5%
respectively.
ETFG Quant Movers – Those ETFs who have had the largest
weekly change in their ETFG Quant Total Scores.
ETFG Weekly Quant Winners: The three biggest
gainers in their ETFG Total Quant Scores were the Vanguard Russell 1000
Value (VONV) which added 23.13 points to 55.69,
the Vanguard Russell 1000 Growth ETF (VONG) which gained 22.67
points to 62.62 and the Vanguard Russell 2000 (VTWO) which
picked up 22.51 points to close the week with an ETFG Quant Total Score
of 61.03.
ETFG Weekly Quant Losers: The three biggest
losers in their respective ETF Quant Total Scores were the SPDR Wells
Fargo Preferred Stock ETF (PSK) which lost 13.82 points
to 40.10, the Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI) dropping
12.40 points to 43.11 and the iShares International Preferred Stock ETF (IPFF)
losing 8.77 points to 44.75.
Thanks for reading ETF Global Perspectives and have a great week!
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