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Wall Street delivered a moderate show last week with the S&P 500 gaining 1.9%, the Dow Jones advancing 0.8%, the Nasdaq Composite adding 4.6% and the Russell 2000 rising 2.4%. A strong jobs report for June has eased fears that the U.S. economy is on the verge of a recession — and highlighted the strength of the nation’s job market.
The American economy added 372K payrolls in June of 2022, much better than market forecasts of 268K and only slightly below a downwardly revised 384K in May. Figures came in line with the average monthly gain of 383K over the past three months, still pointing to a tight labor market. The result has increased the chances of faster and fatter Fed rate hikes.
Among other developments, pharma and biotech stocks made a solid comeback last week. Traders on forums such as Reddit's WallStreetBets acted to bid up shares of heavily-shorted stocks, triggering a phenomenon known as a "short squeeze", which pushes up the stock prices higher (read: Pharma & Biotech ETFs at One-Month High: Here's Why).
Notably, short squeeze is a term used by market participants to refer to a phenomenon where short-sellers in a stock, who placed their bets on its fall, rush to hedge their positions or buy the stock in the event of an adverse price movement to cover their losses. This leads to a sharp rise in demand for the share and a huge rally in share prices.
If these were not enough, United States and Chinese officials discussed economic sanctions and tariffs amid reports that president Biden may withdraw some of the trade levies imposed by former President Donald Trump. China is also planning to start a $75 billion infrastructure fund as a means to prop up its economy (read: Is This the Time to Buy China ETFs?).
Invesco DB US Dollar Index Bullish Fund (UUP) gained 1.7% this year on a super-hawkish stance expected from the Fed in July. This has undermined the lure for the asset classes like gold, silver and emerging markets as these underperform in a rising dollar environment.
Euro too fell last week as evident from Invesco CurrencyShares Euro Currency Trust(FXE. Against this backdrop, below we highlight a few inverse/leveraged ETFS of last that stole the show.
Image: Bigstock
Best Inverse/Leveraged ETFs of Last Week
Wall Street delivered a moderate show last week with the S&P 500 gaining 1.9%, the Dow Jones advancing 0.8%, the Nasdaq Composite adding 4.6% and the Russell 2000 rising 2.4%. A strong jobs report for June has eased fears that the U.S. economy is on the verge of a recession — and highlighted the strength of the nation’s job market.
The American economy added 372K payrolls in June of 2022, much better than market forecasts of 268K and only slightly below a downwardly revised 384K in May. Figures came in line with the average monthly gain of 383K over the past three months, still pointing to a tight labor market. The result has increased the chances of faster and fatter Fed rate hikes.
Among other developments, pharma and biotech stocks made a solid comeback last week. Traders on forums such as Reddit's WallStreetBets acted to bid up shares of heavily-shorted stocks, triggering a phenomenon known as a "short squeeze", which pushes up the stock prices higher (read: Pharma & Biotech ETFs at One-Month High: Here's Why).
Notably, short squeeze is a term used by market participants to refer to a phenomenon where short-sellers in a stock, who placed their bets on its fall, rush to hedge their positions or buy the stock in the event of an adverse price movement to cover their losses. This leads to a sharp rise in demand for the share and a huge rally in share prices.
If these were not enough, United States and Chinese officials discussed economic sanctions and tariffs amid reports that president Biden may withdraw some of the trade levies imposed by former President Donald Trump. China is also planning to start a $75 billion infrastructure fund as a means to prop up its economy (read: Is This the Time to Buy China ETFs?).
Invesco DB US Dollar Index Bullish Fund (UUP) gained 1.7% this year on a super-hawkish stance expected from the Fed in July. This has undermined the lure for the asset classes like gold, silver and emerging markets as these underperform in a rising dollar environment.
Euro too fell last week as evident from Invesco CurrencyShares Euro Currency Trust (FXE. Against this backdrop, below we highlight a few inverse/leveraged ETFS of last that stole the show.
ETFs in Focus
Inverse Leveraged Silver
Ultrashort Silver ETF (ZSL) – Up 9.85%
Inverse Leveraged Gold
Ultrashort Gold ETF (GLL - Free Report) – Up 7.7%
Junior Gold Mine Bear 3X Direxion (JDST) – Up 3.4%
Gold Miners Bear 2X Direxion (DUST) – Up 1.4%
Inverse Leveraged Euro
Ultrashort Euro ETF (EUO - Free Report) – Up 6%
Inverse Leveraged Materials
Ultrashort Basic Materials ETF (SMN - Free Report) – Up 2.2%
Inverse Leveraged Emerging Markets
Emerging Markets Bear 3X Direxion (EDZ - Free Report) – Up 0.07%