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U.S. equity ETFs falter as cyclicals gain momentum

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US markets and exchange-traded funds slipped on Friday, relinquishing early morning gains. Investors continued to shift from high growth stocks to more economically sensitive cyclical sectors.

Friday theInvesco QQQ Trust (NASDAQ: QQQ) was down 0.5%, ETF SPDR Dow Jones Industrial Average (NYSEArca: DIA) increased by 0.1% and IShares Core S&P 500 ETF (NYSEArca: IVV) was 0.1% lower.

Market sentiment is relatively positive and optimistic about the outlook for 2021, said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance. Reuters. You see cyclical trade in terms of the types of businesses that will be more successful as the economy continues to improve and vaccines continue to be distributed across the country.

The S&P 500 and the high-tech Nasdaq were both on track for their first weekly decline this month amid growing concerns about high valuations, as well as fears of inflationary pressures.

What we have seen (this week) represents a market that is tired and may not do much. So we’re heading for some kind of pullback, but I don’t think there’s any yet, Peter Cardillo, chief market economist at Spartan Capital Securities, told Reuters.

Nonetheless, U.S. markets are still benefiting from a large recovery in solid corporate earnings, vaccine deployments, and President Joe Biden’s $ 1.9 trillion federal stimulus package.

Economic data also showed the United States was recovering. The IHS Markits flash US composite PMI, which tracks the manufacturing and service sectors, rose to 58.8 in February, boosted by the acceleration in service activity and manufacturing output. The data point followed a report on Wednesday that showed consumers were using stimulus checks to boost retail spending in January to the biggest increase in seven months, the the Wall Street newspaper reports. Some economists have even noted projections on gross domestic product for the first quarter of the year.

Investors are taking a little break, Arthur van Slooten, global asset allocation strategist at Socit Gnrale, told the WSJ. We believe there is still some way to go. When the reflation trade is back and there is more confidence about it, well see a continuation of the market performance we have had in recent weeks.

For more news, information and strategy, visit the Equity ETF channel.

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