Market Moves: Week Ending 31 May 2024

  • Short equity funds (SNAS) beat the market last week as the Nasdaq and S&P 500 snapped a five-week win streak on poor US economic data.1 US GDP growth came in at a disappointing 1.3% for Q1 2024 against analyst expectations of 1.6%.2
  • Risk-on tech ETFs (BUGG, CRYP, HACK) and China-focused ETFs (ASIA, IAA, IZZ, PAXX) were the poorest performers of the week. US tech firms suffered on weak economic data, and investors took profits on Chinese large caps which rallied more than 30% year to date.3
  • There were $420.2 million in reported inflows for the week and $51.7 million in outflows, marking a week of net inflows for the Australian ETF industry.

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Forecasts are not guaranteed and undue reliance should not be placed on them. This information is based on views held by Global X as at 04/06/2024. Investing involves risk, including the possible loss of principal. Diversification does not ensure a profit nor guarantee against a loss.

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This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information is not intended to be individual or personalised investment or tax advice and should not be used for trading purposes. Please consult a financial advisor or tax professional for more information regarding your investment and/or tax situation.