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Wall Street concluded last week on a high note as the stock market witnessed positive developments, driven by an impressive January jobs report and stellar earnings reports from key players in the tech industry.
The S&P 500 index hit a new all-time high on Friday. The Nasdaq Composite, known for its tech-heavy composition, too soared. The standout moment of the week was the release of the January jobs report.
Nonfarm payrolls expanded by 353,000 for the month, better than the Dow Jones estimate for 185,000, as quoted on CNBC. The unemployment rate held at 3.7%, against the estimate for 3.8%. Despite the Federal Reserve's ongoing rate-hiking campaign, the job market displayed resilience.
Fed Met Last Week
Federal Reserve Chair Jerome Powell's comments suggested that a robust labor market is a positive indicator. In mid-week, the Fed maintained current interest rates. This decision, coupled with Jerome Powell's indications that rate cuts are unlikely in the near future, particularly in March, had triggered a negative response from investors.
During a press conference held last week, the Fed chair suggested that the U.S. central bank is unlikely to have enough confidence in falling inflation by the March meeting to consider a rate cut. Investors are now anticipating that the first rate cut from the central bank might not occur until May (read: Time for Value ETFs as March Rate Cut Unlikely?).
China Real Estate Crisis
The Chinese economy once again witnessed the relapsing of the real estate crisis. One of the most pressing concerns for investors last week was the court-ordered liquidation of China Evergrande Group, a property giant. This development sent ripples through China's fragile property market, causing uncertainty among investors (read: China ETFs: Value Play or Value Trap?).
Mixed Magnificent Seven Earnings
Meanwhile, tech industry leaders Amazon (AMZN) and Meta (META) delivered exceptional earnings reports, in contrast to the performance of Microsoft and Alphabet earlier in the week. Meta's stock surged by more than 20%, while Amazon also experienced an impressive 8% increase (read: What Awaits Alphabet-Heavy ETFs After Disappointing Q4 Earnings?).
Apple Inc. (AAPL) reported solid first-quarter fiscal 2024 results, wherein it beat estimates on both earnings and revenues. The iPhone manufacturer returned to quarterly sales growth after four straight quarters of declines. However, a decline in China sales weighed on the stock by a slight margin (read: Apple Returns to Revenue Growth: 5 ETFs in Focus).
Against this backdrop, below we highlight the best-performing inverse/leveraged ETFs of last week.
ETFs in Focus
GraniteShares 2x Long META Daily ETF (FBL - Free Report) ) – Up 40.8%
This ETF is active and does not track a benchmark. The GraniteShares 2x Long META Daily ETF seeks daily investment results, before fees and expenses, of 2 times the daily percentage change of the common stock of Meta Platforms Inc. The expense ratio of the fund is 1.15%.
This ETF is active and does not track a benchmark. The AdvisorShares MSOS 2x Daily ETF seeks daily investment results that correspond to two times the return of AdvisorShares Pure US Cannabis ETF. The expense ratio of the fund is 1.13%.
Direxion Daily FTSE China Bear 3X Shares (YANG - Free Report) ) – Up 17.0%
The Direxion Daily FTSE China Bear 3X Shares seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the performance of the FTSE China 50 Index.The expense ratio of the fund is 1.08%.
T-Rex 2X Long NVIDIA Daily Target ETF (NVDX - Free Report) ) – Up 17.0%
This ETF is active and does not track a benchmark. The T-Rex 2X Long NVIDIA Daily Target ETF seeks daily investment results, before fees and expenses, of 200% of the daily performance of NVDA. The expense ratio of the fund is 1.05%.
Direxion MSCI Daily South Korea Bull 3X Shares (KORU - Free Report) ) – Up 15.6%
The Direxion Daily MSCI South Korea Bull 3x Shares seek the daily investment results, before fees and expenses, of 300% of the performance of the MSCI Korea 25/50 Index. The expense ratio of the fund is 1.32%.
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Best Inverse/Leveraged ETFs of Last Week
Wall Street concluded last week on a high note as the stock market witnessed positive developments, driven by an impressive January jobs report and stellar earnings reports from key players in the tech industry.
The S&P 500 index hit a new all-time high on Friday. The Nasdaq Composite, known for its tech-heavy composition, too soared. The standout moment of the week was the release of the January jobs report.
Nonfarm payrolls expanded by 353,000 for the month, better than the Dow Jones estimate for 185,000, as quoted on CNBC. The unemployment rate held at 3.7%, against the estimate for 3.8%. Despite the Federal Reserve's ongoing rate-hiking campaign, the job market displayed resilience.
Fed Met Last Week
Federal Reserve Chair Jerome Powell's comments suggested that a robust labor market is a positive indicator. In mid-week, the Fed maintained current interest rates. This decision, coupled with Jerome Powell's indications that rate cuts are unlikely in the near future, particularly in March, had triggered a negative response from investors.
During a press conference held last week, the Fed chair suggested that the U.S. central bank is unlikely to have enough confidence in falling inflation by the March meeting to consider a rate cut. Investors are now anticipating that the first rate cut from the central bank might not occur until May (read: Time for Value ETFs as March Rate Cut Unlikely?).
China Real Estate Crisis
The Chinese economy once again witnessed the relapsing of the real estate crisis. One of the most pressing concerns for investors last week was the court-ordered liquidation of China Evergrande Group, a property giant. This development sent ripples through China's fragile property market, causing uncertainty among investors (read: China ETFs: Value Play or Value Trap?).
Mixed Magnificent Seven Earnings
Meanwhile, tech industry leaders Amazon (AMZN) and Meta (META) delivered exceptional earnings reports, in contrast to the performance of Microsoft and Alphabet earlier in the week. Meta's stock surged by more than 20%, while Amazon also experienced an impressive 8% increase (read: What Awaits Alphabet-Heavy ETFs After Disappointing Q4 Earnings?).
Apple Inc. (AAPL) reported solid first-quarter fiscal 2024 results, wherein it beat estimates on both earnings and revenues. The iPhone manufacturer returned to quarterly sales growth after four straight quarters of declines. However, a decline in China sales weighed on the stock by a slight margin (read: Apple Returns to Revenue Growth: 5 ETFs in Focus).
Against this backdrop, below we highlight the best-performing inverse/leveraged ETFs of last week.
ETFs in Focus
GraniteShares 2x Long META Daily ETF (FBL - Free Report) ) – Up 40.8%
This ETF is active and does not track a benchmark. The GraniteShares 2x Long META Daily ETF seeks daily investment results, before fees and expenses, of 2 times the daily percentage change of the common stock of Meta Platforms Inc. The expense ratio of the fund is 1.15%.
AdvisorShares MSOS 2x Daily ETF (MSOX - Free Report) ) – Up 26.0%
This ETF is active and does not track a benchmark. The AdvisorShares MSOS 2x Daily ETF seeks daily investment results that correspond to two times the return of AdvisorShares Pure US Cannabis ETF. The expense ratio of the fund is 1.13%.
Direxion Daily FTSE China Bear 3X Shares (YANG - Free Report) ) – Up 17.0%
The Direxion Daily FTSE China Bear 3X Shares seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the performance of the FTSE China 50 Index.The expense ratio of the fund is 1.08%.
T-Rex 2X Long NVIDIA Daily Target ETF (NVDX - Free Report) ) – Up 17.0%
This ETF is active and does not track a benchmark. The T-Rex 2X Long NVIDIA Daily Target ETF seeks daily investment results, before fees and expenses, of 200% of the daily performance of NVDA. The expense ratio of the fund is 1.05%.
Direxion MSCI Daily South Korea Bull 3X Shares (KORU - Free Report) ) – Up 15.6%
The Direxion Daily MSCI South Korea Bull 3x Shares seek the daily investment results, before fees and expenses, of 300% of the performance of the MSCI Korea 25/50 Index. The expense ratio of the fund is 1.32%.