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Last week, Wall Street experienced moderate optimism, as the S&P 500 (up 0.8%), the Dow Jones (up 1.2%), the Nasdaq Composite (up 0.3%) and the Russell 2000 (up 1.5%) posted modest gains. Cryptocurrency emerged as the top performer, driven by expectations of a slower pace of interest rate hike by the Federal Reserve.
Earnings from a few big banks came in upbeat. Meanwhile, U.S. retail sales data came in downbeat. In March 2023, U.S. retail sales fell 1% sequentially, significantly outperforming market expectations of a 0.4% decline. The data followed a 0.2% decrease in February. This suggests that cost pressures and increasing interest rates are negatively impacting consumers' propensity to spend.
In light of these developments, we would like to emphasize several inverse/leveraged ETFs that topped the chart last week.
Bitcoin marched toward the $31,000-mark last week. Its largest peer, Ethereum, too, outdid by a big margin as it jumped more than 10% to hit the $2,1000-mark. Notably, data indicating cooling inflation released last week cut the bets over faster Fed rate hikes this year and boosted high-risk and high-growth investing areas like cryptocurrency.
Brazilian stocks jumped last week as moderation in inflation boosted investors’ confidence as they believed that the Brazilian Central Bank may soon slash the country’s benchmark interest rates. Notably, the central bank of Brazil kept its key Selic rate unchanged at 13.75% for the fifth successive meeting in March 2023, in line with market expectations.
South Korea Bull 3X Direxion (KORU - Free Report) – Up 16.4%
The KOSPI increased 14.98% since the beginning of 2023, according to trading on a contract for difference that tracks this benchmark index from South Korea. Robust Chinese export data and a strengthening won helped the South Korean market gain. In South Korea, a firm won bolsters stock prices, as its value is supported by the risk appetite of foreign investors.
Microsectors U.S. Big Banks 3X ETN (BNKU - Free Report) – Up 11.1%
Last week, bank stocks experienced gains as JPMorgan, Citigroup and Wells Fargo exceeded quarterly expectations, despite the turmoil caused by the collapse of the two major regional banks in March.
Thanks to the cues of cooling inflation, there are high chances that the Fed may not go on a rate hike spree in the coming days. On Friday, Atlanta Fed President Raphael Bostic stated that a 0.25% rate hike could enable the central bank to conclude its tightening cycle with the assurance that the year-long procedure has guided inflation toward the bank’s 2% target. This should result in a decline in rates, which is a plus for housing stocks and ETFs.
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5 Best Inverse/Leveraged ETFs of Last Week
Last week, Wall Street experienced moderate optimism, as the S&P 500 (up 0.8%), the Dow Jones (up 1.2%), the Nasdaq Composite (up 0.3%) and the Russell 2000 (up 1.5%) posted modest gains. Cryptocurrency emerged as the top performer, driven by expectations of a slower pace of interest rate hike by the Federal Reserve.
Earnings from a few big banks came in upbeat. Meanwhile, U.S. retail sales data came in downbeat. In March 2023, U.S. retail sales fell 1% sequentially, significantly outperforming market expectations of a 0.4% decline. The data followed a 0.2% decrease in February. This suggests that cost pressures and increasing interest rates are negatively impacting consumers' propensity to spend.
In light of these developments, we would like to emphasize several inverse/leveraged ETFs that topped the chart last week.
ETFs in Focus
GraniteShares Coinbase 1.5X Daily ETF (CONL - Free Report) – Up 20.4%
Bitcoin marched toward the $31,000-mark last week. Its largest peer, Ethereum, too, outdid by a big margin as it jumped more than 10% to hit the $2,1000-mark. Notably, data indicating cooling inflation released last week cut the bets over faster Fed rate hikes this year and boosted high-risk and high-growth investing areas like cryptocurrency.
Brazil Bull 3X Direxion (BRZU - Free Report) – Up 17.1%
Brazilian stocks jumped last week as moderation in inflation boosted investors’ confidence as they believed that the Brazilian Central Bank may soon slash the country’s benchmark interest rates. Notably, the central bank of Brazil kept its key Selic rate unchanged at 13.75% for the fifth successive meeting in March 2023, in line with market expectations.
South Korea Bull 3X Direxion (KORU - Free Report) – Up 16.4%
The KOSPI increased 14.98% since the beginning of 2023, according to trading on a contract for difference that tracks this benchmark index from South Korea. Robust Chinese export data and a strengthening won helped the South Korean market gain. In South Korea, a firm won bolsters stock prices, as its value is supported by the risk appetite of foreign investors.
Microsectors U.S. Big Banks 3X ETN (BNKU - Free Report) – Up 11.1%
Last week, bank stocks experienced gains as JPMorgan, Citigroup and Wells Fargo exceeded quarterly expectations, despite the turmoil caused by the collapse of the two major regional banks in March.
Homebuilders & Suppliers Bull 3X Direxion (NAIL - Free Report) – Up 10.6%
Thanks to the cues of cooling inflation, there are high chances that the Fed may not go on a rate hike spree in the coming days. On Friday, Atlanta Fed President Raphael Bostic stated that a 0.25% rate hike could enable the central bank to conclude its tightening cycle with the assurance that the year-long procedure has guided inflation toward the bank’s 2% target. This should result in a decline in rates, which is a plus for housing stocks and ETFs.