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Wall Street was mixed last week, with the S&P 500 losing about 0.3%, the Dow Jones falling about 1.1%, the Nasdaq Composite adding about 0.40% and the Russell 2000 shedding about 1.1%. While CPI and PPI inflation data showed signs of cooling (a positive for the stock market), the debt-ceiling drama in Washington posed a threat to the market.
Against this backdrop, below, we highlight a few inverse/leveraged ETFs of last week.
ETFs in Focus
Axs -1.5X PayPal Daily ETF – Up 29.9%
PayPal (PYPL - Free Report) recently reported Q1 results, beating on both earnings and revenues. The PayPal stock slumped 5.4% after market on May 8, responding to earnings results. Shares slumped due to transaction margin pressures despite a spike in guidance.
The payments’ giant cautioned that its adjusted operating margin won’t grow as quickly as the company had previously anticipated, even after spending on its platforms surged more than expected in the first quarter, per Bloomberg (read: PayPal ETFs to Dump on Weak Guidance?).
Daily Google Bull 1.5X Shares Direxion (GGLL - Free Report) – Up 17.2%
Following a series of artificial intelligence announcements made by Alphabet at its I/O developer conference, the company witnessed a significant boost in its stock prices, with shares surging approximately 5% on Wednesday. This surge resulted in an overnight increase of $82 billion in Alphabet's overall market value. This helped drive leveraged Google ETF.
Gold bullion prices have declined 0.3% past week as the greenback has gained. Invesco DB US Dollar Index Bullish Fund (UUP - Free Report) added about 1.6% on strong jobs data, which drove bets over more Fed rate hikes. As gold prices dived, gold miners’ stocks too declined, which is why this inverse/leveraged gold mining ETF jumped.
Silver, too, suffered the same fate as gold. While the metal slumped due to the rising greenback, recessionary fears also weighed on the metal as silver is viewed as an important industrial metal. As a result, inverse/leveraged silver ETFs jumped last week.
Ultra Bloomberg Natural Gas 2X ETF (BOIL - Free Report) – Up 13.0%
Image: Bigstock
Best Inverse/Leveraged ETFs of Last Week
Wall Street was mixed last week, with the S&P 500 losing about 0.3%, the Dow Jones falling about 1.1%, the Nasdaq Composite adding about 0.40% and the Russell 2000 shedding about 1.1%. While CPI and PPI inflation data showed signs of cooling (a positive for the stock market), the debt-ceiling drama in Washington posed a threat to the market.
Against this backdrop, below, we highlight a few inverse/leveraged ETFs of last week.
ETFs in Focus
Axs -1.5X PayPal Daily ETF – Up 29.9%
PayPal (PYPL - Free Report) recently reported Q1 results, beating on both earnings and revenues. The PayPal stock slumped 5.4% after market on May 8, responding to earnings results. Shares slumped due to transaction margin pressures despite a spike in guidance.
The payments’ giant cautioned that its adjusted operating margin won’t grow as quickly as the company had previously anticipated, even after spending on its platforms surged more than expected in the first quarter, per Bloomberg (read: PayPal ETFs to Dump on Weak Guidance?).
Daily Google Bull 1.5X Shares Direxion (GGLL - Free Report) – Up 17.2%
Following a series of artificial intelligence announcements made by Alphabet at its I/O developer conference, the company witnessed a significant boost in its stock prices, with shares surging approximately 5% on Wednesday. This surge resulted in an overnight increase of $82 billion in Alphabet's overall market value. This helped drive leveraged Google ETF.
Microsectors Gold Miners -3X ETN (GDXD - Free Report) – Up 15.1%
Gold bullion prices have declined 0.3% past week as the greenback has gained. Invesco DB US Dollar Index Bullish Fund (UUP - Free Report) added about 1.6% on strong jobs data, which drove bets over more Fed rate hikes. As gold prices dived, gold miners’ stocks too declined, which is why this inverse/leveraged gold mining ETF jumped.
Ultrashort Silver -2X ETF (ZSL - Free Report) – Up 14.6%
Silver, too, suffered the same fate as gold. While the metal slumped due to the rising greenback, recessionary fears also weighed on the metal as silver is viewed as an important industrial metal. As a result, inverse/leveraged silver ETFs jumped last week.
Ultra Bloomberg Natural Gas 2X ETF (BOIL - Free Report) – Up 13.0%
Reduced natural gas output in Canada triggered short-covering in natural gas futures last week. A total of 102 wildfires were burning in Alberta, with 27 regarded as out of control. That has resulted in the shutdown of many oil and natural gas wells and pipeline systems in western Canada.