Market week: U.S. stocks stay above water

11-19-2021
Market week: U.S. stocks stay above water

Healthcare, energy push S&P/TSX under

 

Falling bond yields helped support large-cap tech stocks last week, as the Nasdaq Composite Index closed at yet another record high on Friday and posted a 1.2% grain on the week. It wasn’t so good for the S&P 500 Composite Index, which booked a marginal 0.3% gain on the week, as gains consumer discretionary and technology stocks offset broad losses in other sectors. The S&P/TSX Composite Index dropped 1.0%, dragged down by a near 10% weekly loss in the healthcare sector, followed by retreats of over 2% in materials and energy, and declines of over 1% in financials and banks. The energy sector felt the weight of a 5.7% week-over-week decline in the price of crude oil, while gold fell 1%.

Fund news

* CIBC expands ETF lineup with low volatility offerings. CIBC Asset Management Inc. on Nov. 16 debuted four new low-volatility exchange-traded funds (ETFs):

CIBC Qx Canadian Low Volatility Dividend ETF (NEO: CQLC) aims for income and long-term capital growth with reduced volatility by investing in dividend-paying Canadian stocks.

CIBC Qx U.S. Low Volatility Dividend ETF (NEO: CQLU) has the objective of income and growth through a portfolio of dividend-paying U.S. stocks.

CIBC Qx International Low Volatility Dividend ETF (NEO: CQLI) aims for income and growth through stocks in Europe, the Far East, and the Pacific Rim.

CIBC Clean Energy Index ETF (NEO: CCLN) tracks the CIBC Atlas Clean Energy Select Index, which is designed to identify companies engaged in the clean energy sector, inclulding renewable energy sources (solar power, wind power, hydroelectricity, geothermal energy, biomass, biofuels, and tidal/wave energy), clean technologies (electric vehicles, energy storage, lithium, fuel cell, smart grid, and energy efficiency technologies), and other emerging clean energy activities and technologies.

* Invesco launches two new ESG-focused ETFs. Invesco Canada Ltd. on Nov. 15 debuted Invesco ESG NASDAQ 100 Index ETF (TSX: QQCE, QQCE.F), which track the performance of the Nasdaq-100 ESG Index and Invesco ESG NASDAQ Next Gen 100 Index ETF (TSX: QQJE, QQJE.F), which tracks the Nasdaq Next Generation 100 ESG Index. The funds give investors the option to access the same companies as the Invesco NASDAQ 100 Index ETF and Invesco NASDAQ Next Gen 100 Index ETF, but with a tilt towards ESG-related values.

* Evolve plans metaverse ETF. Evolve Funds Group Inc. announced on Nov. 15 that it had filed a preliminary prospectus for its Evolve Metaverse ETF (MESH), which will actively invests in a diversified mix of publicly traded companies in North America and other developed markets around the world that the manager considers to be involved in the development of the metaverse.

Evolve said in a release that the metaverse willl allows users to interact online in an immersive, virtual representation of the real world. It combines online personal computing with virtual-reality and augmented reality technologies, used in business, social, education and retail applications.

Raj Lala, President and CEO at Evolve ETFs, said, “Compared to the development and adoption of the Internet in the 1990s, the metaverse will be a new platform that is poised to transform many aspects of how we work, live and play. Over the next decade, the metaverse market is predicted to exceed $1 trillion.”

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