4 ETF Areas Hovering Around 52-Week Highs
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 29 2024
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Source: NASDAQ.COM
- Wall Street Growth: Wall Street is experiencing remarkable growth across various sectors, with several growth ETFs reaching or nearing their 52-week highs, indicating a broad-based recovery and investor confidence.
- Semiconductor Sector: Semiconductor ETFs like SHOC, SMH, and SOXQ have seen significant increases due to chipmaker NVIDIA's stock surge above $1,100 and Elon Musk's xAI raising $6 billion for a new "supercomputer."
- Shipping Industry: Shipping ETFs SEA and BOAT have surged to new highs, driven by geopolitical tensions in the Red Sea and long-term outperformance of larger-cap shipping stocks.
- Nordic Region & Taiwan: ETFs ENOR, NORW, FLTW, and EWT from the Nordic region and Taiwan have shown growth, with a focus on energy stocks and information technology companies benefiting from AI investments.
- Oil Price Movements: Crude oil prices rose over $1 per barrel on May 28, 2024, driven by expectations of continued crude supply restrictions by OPEC+ and a weaker U.S. dollar, impacting ETFs like BNO.
Analyst Views on SEA
Wall Street analysts forecast SEA stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for SEA is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
