As April comes to a close, it’s time to compile the rankings for the top-performing sector and industry exchange-traded funds of the month.
Taking a broader look at the stock market, the S&P 500 Index, represented by the SPDR S&P 500 ETF Trust (NYSE:SPY), finished April on a downturn, declining by approximately 3%. This marks the end of a five-month streak of gains.
Similarly, the tech-heavy Nasdaq 100, tracked by the Invesco QQQ Trust (NASDAQ:QQQ), experienced a 3.5% decline.
Among large-cap indices, blue-chip stocks showed slight underperformance, with the SPDR Dow Jones Industrial Average ETF (NYSE:DIA) slipping by 4.5%.
Small-cap stocks, represented by the iShares Russell 2000 ETF (NYSE:IWM), plummeted by over 6%, marking their worst performance since October 2023.
Overall, it has been a challenging month for the stock market, primarily due to inflation surprises surpassing expectations. This has led to a recalibration of market expectations regarding potential Federal Reserve rate cuts.
Additionally, complex global geopolitical tensions have emerged, notably between Israel and Iran, alongside the ongoing issue in the Gaza Strip.
May is anticipated to start with a crucial event as investors await the Federal Reserve Open Market Committee (FOMC) meeting on Wednesday.
While no interest rate changes are expected, all eyes will be on Fed Chair Jerome Powell‘s remarks to assess the Fed’s stance in response to recent inflation surprises.
Read also: Federal Reserve Meeting Preview: High Interest Rates ‘Need More Time To Work,’ Bank of America Says
Performance Of Sector ETFs In April ...Full story available on Benzinga.com
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