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Wall Street Had the Best Week Since Nov 2020: 5 ETF Winners
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Wall Street staged a strong comeback with the major bourses notching the biggest weekly gain in 16 months. The S&P 500 and the Dow Jones climbed 6.2% and 5.5%, respectively, last week while the Nasdaq Composite Index jumped 8.2%.
While most corners of the market rallied, some were the biggest gainers, surging more than 15% last week. These include ARK Next Generation Internet ETF (ARKW - Free Report) , Global X Blockchain ETF (BKCH - Free Report) , ARK Innovation ETF (ARKK - Free Report) , Online Retail ETF (ONLN - Free Report) , and WisdomTree Cloud Computing Fund (WCLD - Free Report) . These funds are expected to continue to lead in the rebounding stock market.
The massive gains came on the back of the Fed’s decision to raise interest rates for the first time since 2018 with more to come. The central bank hiked rates by 25 bps to 1.25%-0.50% and signaled hikes in all the six remaining meetings this year, launching a campaign to tackle the fastest inflation in four decades even as risks to economic growth mount. All the hikes would take interest rate to 1.9% by this year’s end (read: ETFs to Buy on Latest Fed Rate Hike and More Hereafter).
The move, which was highly anticpated and reflects the efforts to control the highest inflation in decades, renewed investors interest in the stock market. Fed Chair Jerome Powell also showed confidence in the American economy that is strong enough to withstand tighter monetary policy.
Further, the stocks got a boost from the decline in oil price. Brent price, which touched $140 per barrel, dropped to below $100 buoyed by a resurgence of virus cases in China, which may impact demand in the world's biggest crude importer, and signs of progress in cease-fire talks between Ukraine and Russia.
Let’s dig into the detail of the above-mentioned ETFs:
ARK Next Generation Internet ETF is an actively managed fund focusing on companies that are expected to benefit from the shift in technology infrastructure to cloud, enabling mobile, new and local services. The fund holds 37 stocks in its basket with none accounting for more than 8.7% of assets.
ARK Next Generation Internet ETF has amassed $2.1 billion in its asset base and charges 83 bps in annual fees. It trades in an average daily volume of 1.7 million shares.
Global X Blockchain ETF seeks to invest in companies positioned to benefit from the increased adoption of blockchain technology, including companies in digital asset mining, blockchain & digital asset transactions, blockchain applications, blockchain & digital asset hardware, and blockchain & digital asset integration. Global X Blockchain ETF holds 25 stocks in its basket with double-digit allocation to the top three firms (read: 5 Top-Ranked ETFs on Sale).
Global X Blockchain ETF has gathered $98.3 million in its asset base and trades in an average daily volume of 161,000 shares. It charges 50 bps in annual fees.
This is an actively managed fund investing in companies that benefit from the development of new products or services, technological improvements and advancements in scientific research. In total, the fund holds 41 securities in its basket with concentration on the top firm.
ARK Innovation ETF has gathered $11.5 billion in its asset base and charges 75 bps in fees per year from investors. It trades in a volume of 26 million shares per day on average.
ProShares Online Retail ETF offers exposure to companies that principally sell online or through other non-store channels, and then zeros in on the companies that reshape the retail space. It tracks the ProShares Online Retail Index, holding 39 stocks in its basket. ONLN is highly concentrated on the top two firms while the other firms hold no more than 5.1% of assets. American firms make up three-fourth of the portfolio, while Chinese firms account for 16.8% share.
ProShares Online Retail ETF has accumulated $480.3 million in its asset base and charges 58 bps in annual fees. ONLN trades in an average daily volume of 102,000 shares (read: Online Spending to Hit Record in 2022: 5 ETFs to Surge).
WisdomTree Cloud Computing Fund offers exposure to emerging and fast-growing U.S.-listed companies (including ADRs) that are primarily focused on cloud software and services, and follow the BVP Nasdaq Emerging Cloud Index. It holds 76 stocks in its basket and charges investors 45 bps in fees per year.
WisdomTree Cloud Computing Fund has amassed $792.9 million in its asset base and trades in an average daily volume of 600,000 shares. It has a Zacks ETF Rank #2.
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Wall Street Had the Best Week Since Nov 2020: 5 ETF Winners
Wall Street staged a strong comeback with the major bourses notching the biggest weekly gain in 16 months. The S&P 500 and the Dow Jones climbed 6.2% and 5.5%, respectively, last week while the Nasdaq Composite Index jumped 8.2%.
While most corners of the market rallied, some were the biggest gainers, surging more than 15% last week. These include ARK Next Generation Internet ETF (ARKW - Free Report) , Global X Blockchain ETF (BKCH - Free Report) , ARK Innovation ETF (ARKK - Free Report) , Online Retail ETF (ONLN - Free Report) , and WisdomTree Cloud Computing Fund (WCLD - Free Report) . These funds are expected to continue to lead in the rebounding stock market.
The massive gains came on the back of the Fed’s decision to raise interest rates for the first time since 2018 with more to come. The central bank hiked rates by 25 bps to 1.25%-0.50% and signaled hikes in all the six remaining meetings this year, launching a campaign to tackle the fastest inflation in four decades even as risks to economic growth mount. All the hikes would take interest rate to 1.9% by this year’s end (read: ETFs to Buy on Latest Fed Rate Hike and More Hereafter).
The move, which was highly anticpated and reflects the efforts to control the highest inflation in decades, renewed investors interest in the stock market. Fed Chair Jerome Powell also showed confidence in the American economy that is strong enough to withstand tighter monetary policy.
Further, the stocks got a boost from the decline in oil price. Brent price, which touched $140 per barrel, dropped to below $100 buoyed by a resurgence of virus cases in China, which may impact demand in the world's biggest crude importer, and signs of progress in cease-fire talks between Ukraine and Russia.
Let’s dig into the detail of the above-mentioned ETFs:
ARK Next Generation Internet ETF (ARKW - Free Report)
ARK Next Generation Internet ETF is an actively managed fund focusing on companies that are expected to benefit from the shift in technology infrastructure to cloud, enabling mobile, new and local services. The fund holds 37 stocks in its basket with none accounting for more than 8.7% of assets.
ARK Next Generation Internet ETF has amassed $2.1 billion in its asset base and charges 83 bps in annual fees. It trades in an average daily volume of 1.7 million shares.
Global X Blockchain ETF (BKCH - Free Report)
Global X Blockchain ETF seeks to invest in companies positioned to benefit from the increased adoption of blockchain technology, including companies in digital asset mining, blockchain & digital asset transactions, blockchain applications, blockchain & digital asset hardware, and blockchain & digital asset integration. Global X Blockchain ETF holds 25 stocks in its basket with double-digit allocation to the top three firms (read: 5 Top-Ranked ETFs on Sale).
Global X Blockchain ETF has gathered $98.3 million in its asset base and trades in an average daily volume of 161,000 shares. It charges 50 bps in annual fees.
ARK Innovation ETF (ARKK - Free Report)
This is an actively managed fund investing in companies that benefit from the development of new products or services, technological improvements and advancements in scientific research. In total, the fund holds 41 securities in its basket with concentration on the top firm.
ARK Innovation ETF has gathered $11.5 billion in its asset base and charges 75 bps in fees per year from investors. It trades in a volume of 26 million shares per day on average.
ProShares Online Retail ETF (ONLN - Free Report)
ProShares Online Retail ETF offers exposure to companies that principally sell online or through other non-store channels, and then zeros in on the companies that reshape the retail space. It tracks the ProShares Online Retail Index, holding 39 stocks in its basket. ONLN is highly concentrated on the top two firms while the other firms hold no more than 5.1% of assets. American firms make up three-fourth of the portfolio, while Chinese firms account for 16.8% share.
ProShares Online Retail ETF has accumulated $480.3 million in its asset base and charges 58 bps in annual fees. ONLN trades in an average daily volume of 102,000 shares (read: Online Spending to Hit Record in 2022: 5 ETFs to Surge).
WisdomTree Cloud Computing Fund (WCLD - Free Report)
WisdomTree Cloud Computing Fund offers exposure to emerging and fast-growing U.S.-listed companies (including ADRs) that are primarily focused on cloud software and services, and follow the BVP Nasdaq Emerging Cloud Index. It holds 76 stocks in its basket and charges investors 45 bps in fees per year.
WisdomTree Cloud Computing Fund has amassed $792.9 million in its asset base and trades in an average daily volume of 600,000 shares. It has a Zacks ETF Rank #2.