Nasdaq Index Performance: March 2023
March proved to be another positive month for the Nasdaq-100® (NDX®), which finished the month up 9.5%, boosting its quarterly return to 20.5% - the 9th strongest quarter on record for the tech-heavy index since its inception in 1985. In total, 74 indexes tracked in this report finished the last month in positive territory while 26 moved lower, averaging a return of 2.4% across all 100. We saw the technology sector generally move higher, while we saw widespread weakness in financials following the collapse of Silicon Valley Bank. We also saw weakness in energy. The best-performing index over the last month was the Nasdaq Bitcoin Index™ (NQBTCS™), up 21.8%. Outside of the crypto space, the top-performing index was the PHLX Gold/Silver Sector Index™ (XAU™) which gained over 15%. Conversely, the KBW Nasdaq Bank Index™ (BKX™) was the worst-performing out of the lineup of Nasdaq indexes as it fell 25.2%.
Featured Indexes Performance
Within the Nasdaq Featured Index lineup, the PHLX Gold/Silver Sector Index (XAU™) outshined its peers with a gain of 15.6%. As mentioned above, the Nasdaq-100 gained 9.5% over the last month, while the Nasdaq-100 Technology Sector Index (NDXT™) gained 8.1%. The equal-weighted (NDXE™) gained 5.1%. The worst-performing index was the KBW Nasdaq Bank Index (BKX), falling 25.2% as the banking/financial sector was rocked by the collapse of SVB. On average, the Nasdaq Featured Indexes gained 2.3% in March.
Global Indexes Performance
The Nasdaq US Large Cap Index™ (NQUSL™) was the top performer in the Nasdaq Global lineup with a gain of 3.8%. However, it is important to note that not all US stocks were able to move higher in March. The Nasdaq US Small Cap Index™ (NQUSS™) and the Nasdaq Mid Cap Index™ (NQUSM™) fell 5.2% and 2.6%, respectively as it was the mega and large-cap names driving the indexes higher. On the international front, we saw the Nasdaq Developed Markets Index™ (NQDM™) and the Nasdaq Emerging Markets Index™ (NQEM™) post similar returns, both gaining over 2%, while the Nasdaq Europe Index™ (NQEU™) gained 1.4%.
The OMX Copenhagen 25™ (OMXC25™) led the way in terms of performance across the Nasdaq OMX Nordic Index suite with a return of 0.6%. The worst-performing within this group was the OMX Helsinki 25™ (OMH25™), falling over 5%.
Tech Suite Indexes Performance
Most of the Nasdaq Thematic/Tech Indexes finished in positive territory led by the Nasdaq Yewno Global AI and Big Data Index™ (NYGBIG™) which gained 9.9%. We saw considerable strength from the Nasdaq CTA Internet Index™ (QNET™) (+9.6%), the Nasdaq CTA Global Video Games & Esports Index™ (PLAYER™) (+9.4%), and the PHLX Semiconductor Sector™ (SOX™) (+9.2%). The weaker areas, relatively speaking, across this suite of indexes included the Nasdaq Junior Biotechnology Index™ (NBIJR™) (-7.6%), the ISE Mobile Payments Index™ (IPY™) (-4.4%), and the KWB Nasdaq Financial Technology Index™ (KFTX™) (-3.7%).
Dorsey Wright Indexes Performance
The suite Nasdaq Dorsey Wright Indexes was a mixed bag in terms of performance in March, with nine of the 16 relative strength-driven indexes finishing in positive territory. The best performing was the Dorsey Wright Technology Technical Leaders Index™ (DWTY™), up 5.2%, followed by the Dorsey Wright Developed Markets Technical Leaders Index™ (DWADM™), which gained 3.0%. There was also strength from Consumer Staples (DWCS™) and Utilities (DWUT™). On the other hand, the Dorsey Wright Financials Technical Leaders Index™ (DWFN™) fell 7.4%, followed by the Dorsey Wright Energy Index™ (DWEN) which fell over 5%.
Dividend & Income Indexes Performance
While the majority of the Nasdaq Dividend and Income Indexes were down in March, the Nasdaq Technology Dividend Index™ (NQ96DIVUS™) had a stellar month, gaining 7.7%. Over the last six months, this index is up over 24%! The next best performing divided index in March was the Nasdaq International Dividend Achievers™ (DAT™), up 2.9%. On the flip side, the Nasdaq US SMID Cap Rising Dividend Achievers Index™ (NQDVSMR™) was the relative laggard, falling 6.7%.
The nine indexes within the Nasdaq Options Suite finished January in the black with an average gain of 5.3%. The Nasdaq-100 Quarterly Protective Put 90 Index™ (NQTRI™) was the top performer of the group, with a return of 8.2%.
Green Economy Indexes Performance
Like the other areas we’ve covered, the Nasdaq Green Economy Indexes all finished up for March. The best-performing index was the Nasdaq OMX Solar Index™ (GRNSOLAR™), with a gain of 3.2%. We also saw strength from the Nasdaq OMX Green Economy Index™ (QGREEN™), which gained 2.1%. Wind (GRNWIND™) managed to gain 0.7%, making it the group’s laggard despite a positive month.
Other Assets Indexes Performance
Finally, all four of the Nasdaq Crypto Indexes moved higher over the last month with double digit returns. The Nasdaq Bitcoin Index™ (NQBTCS™) was the top-performing index out of all 101 tracked in this report, up 21.8% - boosting its quarterly gain to 71.5%! The Nasdaq Crypto Index™ (NCIS™), Nasdaq Crypto Index Europe™ (NCIES™) and Nasdaq Ethereum Index™ (NQETHS™) finished up 18.0%, 17.0%, and 11.9%, respectively.
March Index Performance Summary
March ended up being a positive month overall despite the various headwinds facing the markets, including the collapse of Silicon Valley Bank and the ensuing banking crisis, the unknown future of the Fed’s rate hiking cycle, and continued geopolitical tensions. Nevertheless, the Nasdaq-100 recorded yet another strong month and wrapped up the first quarter of 2023 with a gain of 20.5%, making it one for the record books. On a rolling one-year basis, the Nasdaq-100 Index is down 11.2%, while the Nasdaq US Large Cap Index is down 10.1% over the same timeframe.
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 investment advice, 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
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