Monday, April 26, 2021

A Rare, Recent Pause

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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