Join Fund Library now and get free access to personalized features to help you manage your investments.
Against a backdrop of another uptick in U.S. inflation indicators, a bipartisan US$1.2 trillion infrastructure deal in Congress, and a hawkish tone from the U.S. Federal Reserve Board, North American stock indexes maintained their upward momentum touching record highs again during and posting some of their best weekly gains since February. The Fed’s Personal Consumption Expenditures Price Index registered an annual rate of 3.9% over the past 12 months, well above its 2% target, while the core rate came in at 3.4%, but with less than expected month-over-month increases as consumer spending remained flat in May. That suggested an easing of price pressures, lending support to the Fed’s theme that current inflation spikes are transitory, easing concerns of an earlier-than-anticipated tightening of monetary policy.
The S&P 500 Composite Index advanced to 2.8% on the week, while the Nasdaq Composite Index rose 2.4%. Toronto’s S&P/TSX Composite Index posted a 1.2% gain on the week, with crude oil up 3.3% and gold climbing 1.0%.
* Horizons launches three new global sector ETFs. Horizons ETFs Management (Canada) last week debuted three new ETFs, which began trading on the TSX:
Horizons Global Lithium Producers Index ETF (TSX: HLIT) tracks the Solactive Global Lithium Producers Index to provide exposure to global mining companies producing lithium, lithium compounds, or lithium related components. The fund seeks to hedge the U.S. dollar value of its portfolio to the Canadian dollar at all times.
Horizons Global Hydrogen Index ETF (TSX: HYDR) tracks the Solactive Global Hydrogen Industry Index of global companies engaged the production of fuel cell technology and equipment, as well as infrastructure, components, and systems for hydrogen generation, storage, and transportation. The fund seeks to hedge the U.S. dollar value of its portfolio to the Canadian dollar at all times.
Horizons Global Semiconductor Index ETF (TSX: CHPS) tracks the Solactive Capped Global Semiconductor Index global semiconductors and semiconductor equipment companies. The fund hedges the U.S. dollar value of its portfolio to the Canadian dollar at all times.
@FundLibrary – Follow Fund Library on Twitter for daily information and updates.
Disclaimer
© 2021 by Fund Library. All rights reserved. Reproduction in whole or in part by any means without prior written permission is prohibited.
The foregoing is for general information purposes only and is the opinion of the writer. No guarantee of investment performance is made or implied. It is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice.
Join Fund Library now and get free access to personalized features to help you manage your investments.
Fund Library
