Wall Street was upbeat last week. The S&P 500 index is up 5.9%, the Dow Jones has gained 4.2%, the Nasdaq has advanced 8.1% and the Russell 2000 has gained 4.6% past week. The S&P 500 logged best week since June, per CNBC.
The rally was mainly instigated by the lower-than-expected inflation data for the month of October. The annual inflation rate in the United States decelerated for fourth month to 7.7% in October, the lowest since January, and below forecasts of 8%. It compares with 8.2% in September. Compared to the previous month, the CPI rose 0.4%, below expectations of 0.6% (read: 4 Sector ETFs to Win from October Inflation Data).
Global stock markets increased on Nov 10, 2022 after the latest U.S. CPI inflation eased more than that had been expected, triggering hopes that the Federal Reserve might pare down plans for more interest rate hikes.
Traders expect the Fed to raise its benchmark lending rate in December but by a smaller margin of half a percentage point. If the pace of Fed rate hike slows, growth stocks should prosper. Tech stocks and related crypto stocks recoiled. The tech sector in the S&P 500 surged 10% through Friday, its best marking its weekly performance since April 2020.
Apple Inc. (AAPL) climbed 8.9% in Thursday’s trading session to record its best single-day performance in more than two years amid a strong broad-market rally. This represents Apple’s largest gain since Jul 31, 2020, according to Dow Jones Market Data (read: Apple Gains Record $191 Market-Cap Value: ETFs Surge).
Moreover, President Biden celebrated Democrats’ win in the Senate in the midterm election in 2022, telling reporters in remarks that the party is now focusing on the upcoming Georgia runoff election. Against this backdrop, below we highlight below we highlight a few ETFs of last week.
ETFs in Focus
Physical Platinum ETF (PPLT) – Up 7.0% Past Week
This ETF is designed to track the price of Platinum Bullion. Platinum prices gained momentum in order to ensure the continuation of the positivity for the upcoming period.
Turkey iShares MSCI ETF TUR – Up 4.9% Past Week
The Borsa Istanbul 100 index hit a fresh record last week as investors continued to use equities as a hedge for surging prices and a falling lira. The central bank has been slashing rates massively, adding to the 850 bps reduction of the key rate since September 2021, per tradingeconomics. This has bolstered the equity market.
SPDR S&P North American Natural Resources ETF NANR – Up 4.8% Past Week
The underlying S&P BMI North American Natural Resources Index comprises publicly traded large- and mid-capitalization US and Canadian companies in the natural resources and commodities businesses and are classified within the sub-industries of one of three natural resources categories: energy, materials or agriculture. While colder weather forecasts boosted energy prices, chances of higher activity and growth in the United States have increased the prices of natural resource commodities.
US Broker-Dealers & Sec Exchange iShares ETF IAI – Up 4.4% Past Week
As long-term benchmark bond yields fell last week, yield curve steepened. A steepening of the yield curve is beneficial for financial and capital market stocks and ETFs.
Vaneck Steel ETF SLX – Up 4.2%
Steel rebar futures increased recently as Chinese authorities announced further support to the country’s giant but debt-ridden property sector, raising expectations of stronger demand for construction inputs.
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VanEck Steel ETF (SLX): ETF Research Reports
SPDR S&P North American Natural Resources ETF (NANR): ETF Research Reports
iShares U.S. BrokerDealers & Securities Exchanges ETF (IAI): ETF Research Reports
iShares MSCI Turkey ETF (TUR): ETF Research Reports
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