Market Commentary — November 8, 2021
Stocks posted impressive gains for the week thanks to a dovish Fed meeting, healthy economic data, and more strong earnings. Oil prices dipped on the possibility of releasing supply from the strategic reserve.
The Fed soothed investors with its announced plans to slow its bond purchase by $15 billion this month and in December. And the October employment report released on Friday showed 531k jobs added which was above consensus.
Australian BetaShares received approval for a spot Bitcoin ETF. US lawmakers have penned a letter to SEC Chair Gensler, demanding a spot Bitcoin ETF approval in the US.
October marked another month of record inflows for US ETFs, pulling in an estimated $77.2 billion in new money.
In other ETF news, Toronto-based Sprott agreed to acquire the $848.8 million North Shore Global Uranium Mining ETF (URNM) from Exchange Traded Concepts. It will keep the same ticker. Uranium has been a breakout category this year with rising fuel costs and its carbon-free characteristics.
Happy Fall everyone!
CEO and Co-Founder