Monday, February 8, 2021

Record Highs Last Week & The Big Game

Monday, February 8, 2021 – First, for all football fans or those who just tune in once per season for the Super Bowl, we congratulate the Tampa Bay Buccaneers on their 31-9 victory last night over the Kansas City Chiefs in Super Bowl LV. Quarterback Tom Brady, in his first season in Tampa Bay, captured his record setting 7th Super Bowl victory (yes, he was not playing against the NY Giants) - crazy year, crazy season, crazy story.

Now onto business, following a pullback in the previous week, U.S. equities reached new record highs last week. For the week, the DJIA picked up 1,165,62 (3.89%) to close at 31,148.24, the S&P 500 rose 172.59 (4.65%) to 3,886.83 and the NASDAQ gained 785.60 (6.01%) to close the week at 13,856.30.

A combination of continuing themes propelled markets upward and was led by Johnson & Johnson’s request for emergency use of its single-shot vaccine to help fight the Coronavirus. Senate Democrats now appear on a viable path to pass the newest coronavirus relief package. Investor viewpoint seems to favor the package as near-term support for markets and a potential longer-term benefit to the overall economy. Lastly, we are past halftime in the quarterly earnings reporting season with just under 60% of the companies within the S&P 500 having reported. The results are not only strong, but, certainly are contributing to boosting markets. Of the companies who have reported, 81% have reported upside surprises in EPS and 79% have reported upside surprises in revenues.

ETFG Fund Flow Summary – In the world of ETFs and embracing the old investment research adage of “follow the money,” these three products saw the greatest inflows during the week: the Vanguard S&P 500 ETF (VOO) captured inflows of approximately $8.5B, the iShares iBoxx USD High Yield Corporate Bond ETF (HYG) picked up just over $2B and the iShares Silver Trust (SLV) saw inflows of $1.7B. For the largest outflows during the week, the iShares Russell 2000 ETF (IWM) and the SPDR S&P 500 ETF Trust (SPY) both saw outflows just over $1.5B. The SPDR S&P Dividend ETF (SDY) experienced outflows just under that level with $1.3B.

ETFG Quant Movers - Those ETFs who have had the largest weekly change in their respective, ETFG Total Quant Scores.

ETFG Weekly Quant Winners: We witnessed some huge increases during the week as select products picked up some large numbers in our models’ scores. The largest increases in their respective ETFG Total Quant Scores were found in the Invesco WilderHill Clean Energy ETF (PBW) gaining a whopping 21.58 to 68.63, similarly the Innovator IBD ETF Leaders ETF (LDRS) gained 21.29 to 65.76 and the Volshares Large Cap ETF (VSL) added 14.56 points for an ETFG Total Quant Score of 55.88.

ETFG Weekly Quant Losers: On the other side, the three largest drops in their respective ETFG Total Quant Scores were found in the Cambria Core Equity ETF (CCOR) losing -17.94 to 36.92, the ProShares MSCI EAFE Dividend Growers ETF (EFAD) dropping -15.72 to 39.73 and finally the JPMorgan US Minimum Volatility ETF (JMIN) shaved -15.47 points to an ETFG Total Quant Score of 40.06.

Thanks for reading ETF Global Perspectives and have a great week!

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