Market Overview

Best and Worst ETFs Of The Week Amid Jackson Hole Central Bank Conference

Best and Worst ETFs Of The Week Amid Jackson Hole Central Bank Conference
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The markets continued their pace of recovery from the mid-summer dip this week, which included a new closing high in the S&P 500 Index.

In addition to receiving the latest minutes from the monthly Federal Reserve meeting, central bankers were gathered in Jackson Hole, Wyoming, on Friday for their annual conference discussing global economic policy.   

The following ETFs represent a sample of the best and worst performing funds over the last five trading sessions:

BEST: India Small Cap Stocks

After leading the way as one of the top ETFs in the first half of 2014, the Market Vectors India Small Cap ETF (NYSE: SCIF) has regained some recent momentum. SCIF jumped more than 5.5 percent this week as the government’s efforts to reduce the budget deficit in this emerging market country boosted its currency

So far this year, SCIF has gained 47.54 percent after having touched a high of almost 70 percent in June. Indian stocks and bonds have been a favored market for investors looking to diversify their holdings overseas at a time when domestic markets are seen by many as being overvalued. 

Another well-known ETF that tracks larger stocks of profitable businesses in this country is the WisdomTree India Earnings Fund (NYSE: EPI). 

WORST: Gold And Silver Miners

Gold and silver miners were adversely affected by hawkish tones from the Fed this week, in addition to sliding precious metals prices. The Global X Gold Explorers ETF (NYSE: GLDX) fell more than 4 percent, while the Global X Silver Miners ETF (NYSE: SIL) dropped more than 3.5 percent.

GLDX tracks 20 companies engaged in the exploration of gold deposits. The largest country allocation in this ETF is Canada, with more than 80 percent of the underlying exposure. By contrast, SIL holds 25 stocks focused on silver mining, exploration or refinement. 

Despite strong gains in June and July, these ETFs have started to slip lower amid renewed selling pressure in gold and silver bullion. Mining and exploration stocks will face a key test of support in the near future that may determine how they fare for the remainder of the year.

Posted-In: Federal Reserve Gold S&P 500Sector ETFs Emerging Market ETFs Commodities Markets ETFs Best of Benzinga


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