TQQQ - April 2021 Market Commentary: 'Transitory' Hope By Leading From Behind

• In April, Global stocks (MSCI All-Country World Index) returned 4.4% led by the U.S. region (S&P 500), which returned 5.3%, followed by MSCI Europe (+4.5%).
• Broader Asia (MSCI Japan and Asia ex-Japan) and Emerging Markets continue to lag the global market, returning 2.8% and 2.5%, respectively, while MSCI Japan dropped 1.5%.
• Outside of North America and Europe, COVID infection rates have surged, especially in India, Japan, and throughout South America.
• US large cap growth stocks, especially tech behemoths represented by FAAMG, rallied following strong 1Q earnings releases that show few signs of global demand for digital technology and services. Growth stocks also benefited from a moderate drop in interest rates.
• Within equity alternatives, commodities posted a strong month as industrial metals (notably copper) reached new highs driven by both supply shortages and structural demand from technology/alternative energy manufacturers.

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