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Below is a look at our asset class performance matrix using key ETFs traded on U.S. exchanges. We typically include this in our Bespoke Report newsletter mentioned above. Major equity indices in the U.S. fell over the last week to leave them up marginally for the month of April. While the S&P 500 and Dow both fell 1.3% on the week, the tech-heavy Nasdaq 100 (QQQ) got taken to the woodshed by 3%. The ETF for the index is now down 5.21% on the year while the S&P 500 SPY ETF is up 1.73%. That’s significant negative performance divergence for the QQQs due to big declines in some of the largest components like Apple (AAPL), Alphabet (GOOGL), and Microsoft (MSFT).
Outside of the US, Brazil’s market (EWZ) continues to surge higher as energy and commodity prices rebound. EWZ is now up 42.7% year-to-date. While Brazil is surging on the commodities rebound, Japan is faltering. The EWJ ETF fell 6.5% this past week alone as Japanese central bankers failed to provide investors with the accommodative monetary policy they craved.
Have a great weekend!