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Wall Street was upbeat last week with the S&P 500 (up 1.8%), the Dow Jones (up 2.0%), the Nasdaq Composite (up 2.0%) and the Russell 2000 (up 3.3%) gaining in the range of 1.8% to 3.3%. Notably, the tech-heavy Nasdaq has been in high momentum and closed out the first six-week rally since January 2020.
Last week was marked by a few market-moving events. The Senate passed a bill late Thursday evening to suspend the nation's debt limit through Jan 1, 2025, averting the first-ever U.S. default just days ahead of the deadline. The House had passed the deal earlier last week.
Jobs data for the month of May came in super upbeat. The U.S. economy added 339,000 jobs in May 2023, the maximum in four months, breezing past market forecasts of 190,000. Figures for March and April were revised up, taking employment 93,000 higher than previously reported. Figures hint at a tight labor market, with employment rising an average of 314,000 per month so far this year.
However, all is not upbeat in the U.S. economy. The May manufacturing PMI recorded 46.9%, 0.2 percentage points lower than 47.1% posted in April. Regarding the overall economy, this figure indicates a sixth month of contraction after a 30-month period of expansion.
Inflation in the Euro zone eased more than expected in May, with flash figures showing the bloc's annual headline inflation rate dropping to 6.1% in May from 7% in April. This marked the lowest level since February 2022. Economists polled by Reuters had expected a May reading of 6.3%.
The jobs report has raised the probability of a rate hike in July. Additionally, inflation remains sticky, making it difficult for the Fed to cut rates later this year. Hence, Invesco DB US Dollar Index Bullish Fund (UUP - Free Report) was flat last week and exhibited an uptrend to close out the week.
Against this backdrop, below we highlight a few wining ETFs of last week.
Uranium prices jumped in late May, the highest in over one year, amid concerns of lower supply and persistent bets of bullish long-term demand. Two bills to ban the import of Russian uranium were approved by relevant U.S. government committees, risking imports from one of the top producers of nuclear fuel, per tradingeconomics. Higher prices probably boosted the mining firms.
The Turkish stocks soared after the re-election of President Recep Tayyip Erdogan. The longtime leader is always a proponent of easy money policy, which is beneficial for the equity market. On the campaign trail, Erdogan vowed to bring down inflation to single digits and boost economic growth.
ProShares Big Data Refiners ETF (DAT - Free Report) – Up 9.6%
The underlying FactSet Big Data Refiners Index tracks the performance of companies that provide analytics, software, hardware and other computing infrastructure for managing and extracting information from large structured and unstructured datasets. This is a beneficiary of the latest tech rally.
Mortgage Real Estate iShares ETF (REM - Free Report) – Up 9.2%
The U.S. benchmark treasury yield slumped to 3.64% at the close of Friday while it started the week at 3.73% and hit a high of 3.83% at the second day of the week. The slump in yields led the way higher for the rate-sensitive sectors like mortgage real estates. These stocks fare better in a low-rate environment.
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4 Best-Performing ETFs of Last Week
Wall Street was upbeat last week with the S&P 500 (up 1.8%), the Dow Jones (up 2.0%), the Nasdaq Composite (up 2.0%) and the Russell 2000 (up 3.3%) gaining in the range of 1.8% to 3.3%. Notably, the tech-heavy Nasdaq has been in high momentum and closed out the first six-week rally since January 2020.
Last week was marked by a few market-moving events. The Senate passed a bill late Thursday evening to suspend the nation's debt limit through Jan 1, 2025, averting the first-ever U.S. default just days ahead of the deadline. The House had passed the deal earlier last week.
Jobs data for the month of May came in super upbeat. The U.S. economy added 339,000 jobs in May 2023, the maximum in four months, breezing past market forecasts of 190,000. Figures for March and April were revised up, taking employment 93,000 higher than previously reported. Figures hint at a tight labor market, with employment rising an average of 314,000 per month so far this year.
However, all is not upbeat in the U.S. economy. The May manufacturing PMI recorded 46.9%, 0.2 percentage points lower than 47.1% posted in April. Regarding the overall economy, this figure indicates a sixth month of contraction after a 30-month period of expansion.
Inflation in the Euro zone eased more than expected in May, with flash figures showing the bloc's annual headline inflation rate dropping to 6.1% in May from 7% in April. This marked the lowest level since February 2022. Economists polled by Reuters had expected a May reading of 6.3%.
The jobs report has raised the probability of a rate hike in July. Additionally, inflation remains sticky, making it difficult for the Fed to cut rates later this year. Hence, Invesco DB US Dollar Index Bullish Fund (UUP - Free Report) was flat last week and exhibited an uptrend to close out the week.
Against this backdrop, below we highlight a few wining ETFs of last week.
ETFs in Focus
Sprott Junior Uranium Miners ETF (URNJ - Free Report) – Up 12%
Uranium prices jumped in late May, the highest in over one year, amid concerns of lower supply and persistent bets of bullish long-term demand. Two bills to ban the import of Russian uranium were approved by relevant U.S. government committees, risking imports from one of the top producers of nuclear fuel, per tradingeconomics. Higher prices probably boosted the mining firms.
Turkey iShares MSCI ETF (TUR - Free Report) – Up 11%
The Turkish stocks soared after the re-election of President Recep Tayyip Erdogan. The longtime leader is always a proponent of easy money policy, which is beneficial for the equity market. On the campaign trail, Erdogan vowed to bring down inflation to single digits and boost economic growth.
ProShares Big Data Refiners ETF (DAT - Free Report) – Up 9.6%
The underlying FactSet Big Data Refiners Index tracks the performance of companies that provide analytics, software, hardware and other computing infrastructure for managing and extracting information from large structured and unstructured datasets. This is a beneficiary of the latest tech rally.
Mortgage Real Estate iShares ETF (REM - Free Report) – Up 9.2%
The U.S. benchmark treasury yield slumped to 3.64% at the close of Friday while it started the week at 3.73% and hit a high of 3.83% at the second day of the week. The slump in yields led the way higher for the rate-sensitive sectors like mortgage real estates. These stocks fare better in a low-rate environment.