Market Commentary — February 15, 2021
U.S. markets notched a second week of gains and reached record highs helped by better news on the vaccine rollout front and declining case trends. We also saw the last major wave of fourth quarter earnings reports, with 82 companies in the S&P 500 reporting.
Both Refinitiv and FactSet expect overall earnings for the S&P 500 to have grown slightly year-over-year, marking an exceptionally quick earnings recovery compared to past recessions. Four out of five companies in the index have beat earnings estimates to date.
The first Bitcoin ETF in North America was approved in Canada. Purpose Investments received approval to launch the Purpose Bitcoin ETF. Canada has a history of approving new types of ETFs before the U.S.
There are currently at least four active filings for a Bitcoin ETF in Canada yet to be approved, according to data compiled by Bloomberg. Other companies that have filed since the start of the year are Evolve Funds, Horizons ETFs, Accelerate Financial and Arxnovum Investments.
The first approval in Canada has raised hopes for a similar regulatory approval in the U.S. Both Van Eck and Bitwise Asset Management have pending ETF filings.
Once again, make sure you get your nominations in for 2020’s ETF.com Awards! Nominations close February 28th.
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