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Amid global growth concerns due to the rise in Delta variant cases of COVID-19, the Wall Street saw tumultuous trading last week. The S&P 500 and Dow Jones wrapped up its worst weekly performance since June, losing 1.7% and 2.1% while the tech-heavy Nasdaq Composite Index posted its worst week since July, sliding 1.6%.

The United States is now averaging nearly 162,000 new COVID-19 cases over the last seven days. The latest surge in infections has started to take a toll on economic growth. According to the Federal Reserve's Beige Book released last week, economic growth slowed down to a moderate pace in early July through August as the Delta variant hit the dining, travel, and tourism industry.

Additionally, signs of higher inflation added to the chaos. U.S. producer prices rose 0.7% and 8.3% year over year in August, leading to the biggest annual gain in nearly 11 years and indicating that high inflation was likely to persist as the pandemic put pressure on supply chains.

However, rapid widespread vaccinations, business reopenings, and trillions of dollars in government stimulus spending are powering consumer spending and resulting in robust growth. Resumption of earnings growth also bodes well for the stock market rally. S&P 500 earnings are expected to climb 42.6% on 13% higher revenues for 2021. This would follow the earnings and revenue decline of 13% and 1.7% reported in 2020.

As such, the beaten-down prices offer a solid buying opportunity for investors. We have highlighted five ETFs from different sectors that have declined last week on market woes but have a solid Zacks ETF Rank #1 (Strong Buy) or #2 (Buy). Investors could definitely look at these products for outperformance in the coming weeks when the market resumes its uptrend.

WisdomTree Cloud Computing Fund (WCLD - Free Report) – Down 4.5%

The COVID-19 infections are driving the e-commerce boom, thereby raising the need for rapid adoption of cloud computing. This ETF offers exposure to emerging and fast-growing U.S.-listed companies (including ADRs) that are primarily focused on cloud software and services, and follows the BVP Nasdaq Emerging Cloud Index. It holds 58 stocks in its basket and charges investors 45 bps in fees per year. The product has amassed $1.4 billion in its asset base and trades in an average daily volume of 234,000 shares. It has a Zacks ETF Rank #2.

iShares Global Clean Energy ETF (ICLN - Free Report) – Down 4.4%

Clean energy space will show strength on climate change, growing global renewable energy consumption, higher spending in cleantech business, and push toward going green. This fund provides exposure to 83 companies that produce energy from solar, wind and other renewable sources by tracking the S&P Global Clean Energy Index. The United States and China take the top two spots in terms of country exposure with 36.9% and 15.6% share, respectively. The ETF has AUM of $6.1 billion and charges 42 bps in annual fees and expenses. It has a Zacks ETF Rank #2.

Direxion Work From Home ETF (WFH - Free Report) – Down 3.8%

This is a COVID-themed-based product and will likely see a surge from the pandemic. It offers exposure to companies across four technology pillars — cloud, cybersecurity, online project and document management, and remote communications — that allow investors to gain exposure to those companies that stand to benefit from an increasingly flexible work environment. The fund tracks the Solactive Remote Work Index and holds 41 stocks in its basket. It has accumulated $117.6 million in its asset base and charges investors 45 bps in annual fees. The product trades in an average daily volume of 8,000 shares and has a Zacks ETF Rank #2.

iShares U.S. Home Construction ETF (ITB - Free Report) – Down 3.6%

The housing market has been on a tear buoyed by lower mortgage rates, skyrocketing demand and limited supplies. The thirst for home buying is rising even in the face of increasing housing prices, thus providing huge profits to homebuilders. ITB provides exposure to U.S. companies that manufacture residential homes by tracking the Dow Jones U.S. Select Home Construction Index. With AUM of $2.3 billion, it holds a basket of 46 stocks with a heavy concentration on the top two firms. The product charges 41 bps in annual fees and trades in a heavy volume of around 2.8 million shares a day on average. It has a Zacks ETF Rank #2.

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD - Free Report) – Down 3.5%

The consumer discretionary sector will resume its uptrend with the improving economy and rising spending. This ETFs tracks the S&P SmallCap 600 Capped Consumer Discretionary Index, charging investors 29 bps in annual fees. It holds 88 securities in its basket with specialty retail taking the largest share at 31.4% while household durables and hotels, restaurants, and leisure account for double-digit exposure each. The product has attracted $62.1 million in AUM and trades in average daily volume of 13,000 shares. It has a Zacks ETF Rank #2.