Markets pushed higher on Thursday, with growth stocks and mega cap names leading the way to the upside.
Below are highlights from the NDW Morning Update Video for the morning of 09/04. Access the video on the NDW Morning Update Video page.
- Markets pushed higher on Thursday, with the S&P 500 rising more than 1% on the day. Meanwhile, the Nasdaq Composite led the way to the upside with a 1.4% increase on the day
- Domestic equities were led higher by some of its largest names, allowing the Roundhill Magnificent Seven ETF (MAGS) to complete a buy signal for the first time in four months. Mega caps have been outsized contributors over the past couple weeks. While the S&P 500 Equal Weight (SPXEWI) has declined 0.1% over the past two weeks, MAGS has gained 5.3%, indicating that nearly all the upside has been driven by the largest names.
- Latin America equities cooled off earlier this year after a blazing start to the year, but the group has since rebounded slightly. The Franklin FTSE Latin America ETF (FLLA) completed its first buy signal since April, and it now carries a strong fund score of 4.33.
- Commodities have easily been the most improved asset class as of late. The group has picked up more than 30 signals over the last week. Much of that strength came from domestic equities, with the group shedding 12 signals over that same span.
- Energy and basic materials have been the two most improved sectors over the last month in DALI’s sector rankings, gaining 47 and 38 signals, respectively. Conversely, utilities and industrials lost the most signals, shedding 35 and 29 signals, respectively.
