Nasdaq Index Performance: April 2023
Performance was mixed for the month of April across the 100 indexes tracked in this report, as 52% finished in positive territory while the remaining 48% ended the month in the red. The average return across all 100 indexes was -0.7%. The Nasdaq-100® (NDX®) gained 0.5% last month, while the Nasdaq Composite® (COMP®) ended unchanged. The best-performing index was the Nasdaq Junior Biotechnology™ (NBIJR™), which gained 8%. On the other hand, the worst-performing index was the Nasdaq Clean Edge Green Energy™ (CELS™), as it fell 13.9%. Overall, there was a theme of strength across healthcare-related areas like Junior Biotech and Biotech, as well as risk-off sectors like Consumer Staples. International-related indexes also proved to be outperformers in April, particularly those related to developed markets. In terms of weakness, indexes related to the broader technology sector proved to be the laggards over the last 30 days.
Within the Nasdaq Featured Index lineup, the PHLX Gold/Silver Sector™ (XAU™) outshined its peers for the second consecutive month with a gain of 1.9%. The worst-performing of the Nasdaq Featured Index lineup was the Nasdaq-100 Technology Sector™ (NDXT™), falling 5.8%. As mentioned above, the Nasdaq-100 gained 0.5%, while the Nasdaq-100 Equal Weighted™ fell 2.2%, suggesting that it is the large and mega-cap names that continue to drive the Nasdaq-100’s movement.
The Nasdaq Europe™ (NQEU™) was the best performing of the nine Nasdaq Global Indexes, finishing up 3.6%, while the Nasdaq DM Ex-United States™ (NQDMXUS™) gained 2.2%. On the other end of the spectrum was the Nasdaq US Small Cap™ (NQUSS™), as it lost 2.4%. This underperformance confirms the theme of weakness in small-cap stocks relative to their large-cap peers, as noted above. The Nasdaq Developed Markets™ (NQDM™) outpaced the Nasdaq Emerging Markets™ (NQEM™) by just under 3% in April.
It was a primarily positive month across the Nasdaq OMX Nordic Index suite. The OMX Stockholm 30™ (OMXS30™) was the outperformer, with a cumulative gain of 2.1%. The OMX Helsinki 25™ (OMXH25™) was the only index in this suite to finish in the red, falling 0.6%. On average, the five indexes in the Nasdaq OMX Nordic Suite gained 1.0% in April.
Healthcare-related indexes dominated within the suite of Nasdaq Thematic/Tech Indexes in April. The Nasdaq Junior Biotechnology was the top-performing across the suite, as well as the top performer overall, as previously noted, gaining 8%. The next best-performing index in April was the Nasdaq CTA Global Digital Health™ (BEWELL™) (+2.3%), followed by the Nasdaq Biotechnology™ (NBI™) (+1.5%) and Nasdaq Lux Health Tech™ (NQHTEC™) (+1.3%). The worst-performing indexes in the thematic lineup include the Nasdaq Clean Edge Green Energy (-13.9%) and the Nasdaq CTA Artificial Intelligence™ (NQINTEL™) (-9.8%). Semiconductors, tracked by the PHLX Semiconductor™ (SOX™), was of the top-performing areas last month. However, in April, we saw this trend reversed as the index fell 7.3%.
The Nasdaq Dorsey Wright suite was led by the Dorsey Wright Healthcare Technical Leaders™ (DWHC™) with a gain of 6.9%, while the Dorsey Wright Technology Technical Leaders™ (DWTY™) was the worst-performing of the 16 relative-strength-driven indexes with a loss of 7.6%. The Dorsey Wright International Focus Five™ (DWANQIFF™) gained 3.4% in April, followed by the more “risk-off” Dorsey Wright Consumer Staples Technical Leaders™ (DWCS™), which rose 2.7%.
The majority of the Nasdaq Dividend and Income Indexes were up for the month of April, led by the Nasdaq Select Canadian Dividend™ (NQCADIV™), up 3.7%, as well as the Nasdaq International Dividend Achievers™ (DAT™), up 2.2%. The Nasdaq Technology Dividend™ (NQ96DIVUS™), which was the top performer in March, was the worst-performing of the suite, falling 2.1%.
For the second consecutive month, the nine indexes within the Nasdaq Options Suite finished in the black with an average gain of 1.2%. The Credit Suisse Nasdaq WTI Crude Oil FLOWS106 TR™ (QUSOITR™) was the top performer of the group with a return of 3.5%, followed by the CBOE Nasdaq-100 BuyWrite™ (BXNT™), up 1.9%.
The Nasdaq Green Economy Indexes all finished down for the month of April. The worst-performing index was the Nasdaq OMX Solar™ (GRNSOLAR™), with a loss of 10.5%. The relative outperformer was the Nasdaq OMX Global Water™ (GRNWATERL™), down 0.1%.
Finally, all four of the Nasdaq Crypto Indexes moved higher over the last month with an average gain of 3%. The Nasdaq Ethereum™ (NQETHS™) was the top performer, rising 3.9%, followed by the Nasdaq Bitcoin™ (NQBTCS™), which gained 3.2%.
The Nasdaq-100 recorded a second consecutive month of gains in April and is now up over 21% for the year. Many factors have contributed to the Nasdaq-100’s outperformance in the first four months of 2023, including the fact that the tech-heavy index has 0% Financial sector exposure by design. Notably, the Tech earnings recession that was widely predicted did not end up hitting most companies as deeply as expected. Overall, the outlook for the market remains cautious due to several uncertain macro factors, including whether inflation will continue to moderate, how long rates will remain elevated, and whether the banking crisis that commenced in March will spread. Additionally, the market continues to face geopolitical tensions. On a rolling one-year basis, the Nasdaq-100 is up 3.0%.
Disclaimer:
Nasdaq® is a registered trademark of Nasdaq, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as , either on behalf of a particular security or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies or Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.
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Nasdaq Index Research Team
Nasdaq
Nasdaq calculates more than 40,000 diverse indexes, providing coverage across asset classes, countries and sectors.
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