Below is an updated snapshot of our key ETF matrix, which highlights the recent performance of various asset classes.
As shown, US equities were down 1% to 2% across the board last week, and they're down 2% to 3% so far this month. For the year, the major indices are up roughly 9%, yet the Nasdaq 100 (QQQ) remains up 18.56%. Looking at the ten US sectors, Energy (XLE) and Utilities (XLU) are now down year to date, while Consumer Discretionary (XLY), Financials (XLF) and Technology (XLK) are up double digits.
Looking outside of the US, Europe is obviously struggling the most, yet China (FXI) was actually up last week and is also up 2.06% in April.
Fixed income has thrived recently as stocks have struggled. The 20-year+ Treasury ETF (TLT), which everyone thought was doomed just a couple weeks ago, is up the most of any ETF shown over the last week and month to date. So much for the consensus.