Monday, May 3, 2021

Movement Below the Water Line

Monday, May 3, 2021 – Another week passed with little movement in the overall domestic, equity indexes, as investors appeared to take in stride a variety of significant occurrences and announcements.  On the domestic policy front, the Biden Administration advocated their position for higher taxes with initiatives that included infrastructure spending and family-focused programs. The 1Q 2021 Gross Domestic Product data reflected a whopping 6.4% annualized growth rate but came in slightly below the 6.5% expectation, leaving the markets primarily without major impact.

Even positive earnings reports that reflected big growth from the three largest companies (AAPL, MSFT & AMZN) didn’t seem to move the needle, despite their respective substantial growth numbers. Given the disproportionate weighting of these big companies within the respective indexes like the S&P 500, it’s easy to see the lack of movement in the overall markets.

For the week, the DJIA finished down 0.5% to 33,874.85, the S&P 500 finished up one point (0.02%) to 4,181.17 and the Nasdaq fell 0.4% to 13,962.68.

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 Invesco S&P SmallCap Utilities ETF (PSCU) which added 15.71 points to 56.56, the Global X Gold Explorers ETF (GOEX) which gained 13.13 points to 42.25 and the VanEck Vectors Video Gaming and eSports ETF (ESPO) which added 11.32 to its ETFG Overall Quant Score of 50.35.

ETFG Weekly Quant Losers: The three biggest losers in their respective ETF Quant Total Scores were the SPDR S&P MidCap 400 ETF Trust (MDY) which dropped 12.36 points to 36.94, the Principal Spectrum Preferred Securities Active ETF (PREF) which lost 10.03 points to 34.98 and the Innovator S&P Investment Grade Preferred ETF (EPRF) which dropped 9.46 points to an ETFG Quant Overall Score of 35.18.

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

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