Monday, August 10, 2020 -- Nearly 1.2 million Americans lost their jobs last week. In normal times, that figure may have resulted in big stock sell offs and emergency action from Congress. In the COVID-19 era, investors cheered the 7-figure weekly job loss as less dire than expected, even as lawmakers left Washington unable to agree on another round of stimulus.
All three major indices were up for the week, with the Dow Jones Industrial Average climbing 3.8%, while the S&P 500 and Nasdaq each gained 2.5%.
Prior to 2020, the record high for weekly unemployment claims was 695,000, way back in 1982. COVID-19 has thrown all that out the window. This week’s 1.2 million job losses were actually the fewest recorded since early March, continuing a modest recent trend of falling unemployment claims. In the prior week, 1.4 million Americans filed for unemployment. An estimated 30 million people are currently unemployed in the U.S. Nonetheless, Congress left for summer recess on Friday, without coming to an agreement on extending unemployment benefits or providing any other economic stimulus.
ETFG Quant Movers - The ETFs that had the largest weekly change in their respective, overall ETFG Quant ratings.
ETFG Quant Winners: This week, we highlight the biggest increases in the ETFG Quant Fundamental model. Topping the list are Global X SuperIncome Preferred ETF (SPFF), ETRACS Linked to the Wells Fargo Business Development Company Index ETN (BDCS), ETRACS Alerian MLP Index ETN (AMU), iPath S&P MLP ETN (IMLP), and iShares US Preferred Stock ETF (PFF).
ETFG Quant Losers: The ETFs with the biggest decreases in their ETFG Quant Fundamental Score this week were the Invesco Preferred ETF (PGX), VanEck Vectors Gaming ETF (BJK), SPDR Wells Fargo Preferred Stock ETF (PSK), ELEMENTS SPECTRUM ETN (EEH), and SPDR S&P Biotech ETF (XBI).
ETFG Weekly Select List - The five most highly rated ETFs per Sector, Geographic Region and Strategy as ranked by the ETFG Quant model.
The Energy Sector has charted strong growth in recent days. This week, we’re focusing on the 5 Energy ETFs with the highest ratings from our ETFG Quant model. They are: Alerian MLP ETF (AMLP), Invesco Dynamic Energy Exploration & Production ETF (PXE), VanEck Vectors Unconventional Oil & Gas ETF (FRAK), iShares U.S. Energy ETF (IYE), and Invesco Dynamic Oil & Gas Services ETF (PXJ).
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