The S&P 500 (SPY) posted a nice gain of 2.25% this week, pushing the ETF up to +3.07% YTD. While the Nasdaq 100 (QQQ) gained even more this week at +3.41%, it’s still down 1.57% on the year. Looking at the ten S&P 500 sectors, Technology (XLK) — which had been underperforming recently — came roaring back this week with a gain of 3.25%. As the largest sector of the S&P 500 (20%), big gains for Tech usually mean big gains for the market.
Outside of the US, Brazil (EWZ) was down big with a decline of 4.08%. India (PIN), on the other hand, was up 4.66% — more than any other country ETF in the our asset class performance matrix below. One other country worth pointing out is Canada (EWC). Canada’s market was up 2.4% on the week, and it’s up 4.34% QTD. For the year, Canada has quietly posted a gain of 15.07%. All is well in the North when oil is rallying. The oil ETF (USO) is now up 23.5% quarter to date. Please have a look at this week’s asset class performance matrix below:
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Have a great Memorial Day weekend!