Monday, March 29, 2021 – A confluence of recent drivers and themes appeared to quiet volatility in U.S. equity markets this past week as the S&P 500 rallied strongly on Friday to close the week at an all-time high. The markets enjoyed what appears to be a tempering in new U.S. Coronavirus cases leading to optimism over the potential impact of the vaccines while Europe continued to deploy lockdowns.
On the economic front, the week brought a slew of mixed but mostly disappointing releases that included a decline in both Existing and New Home Sales, lower than expected Durable Good Orders and a drop in Personal Income and Real Consumer Spending. Equity markets appeared to benefit from the settling of longer-term rates and will look to more details forthcoming at the end of March in what President Biden and his administration have dubbed the “Build Back Better” economic plan.
For the week, the DJIA gained 444.91 points to close at 33,072.88, the S&P 500 gained 61.44 to close at a new all-time high of 3,974.54 and the Nasdaq dropped 76.51 points to close at 13,138.73.
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 found in the iShares Evolved U.S. Media and Entertainment ETF (IEME) which gained 14.06 points to 53.85, the Barclays ETN+ Shiller CAPETM ETN (CAPE) which added 13.51 points to 66.89 and the SPDR S&P Aerospace & Defense ETF (XAR) which picked up 12.06 points to close the week with an ETFG Quant Total Score of 51.93.
ETFG Weekly Quant Losers: The three biggest drops in their respective ETF Quant Total Scores were found in the ETRACS Linked to the NYSE Pickens Core Midstream Index (PYPE) which lost 14.59 points to 48.23, the Fidelity MSCI Information Technology Index ETF (FTEC) which dropped 11.26 points to 33.24 and the Reality Shares DIVCON Dividend Defender ETF (DFND) which shaved 10.17 points from its ETFG Quant Total Score to close the week at 37.42.
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