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Despite a stupendous oil rally, last week was quite downbeat for the broader market. The S&P 500 (down 5.6%), Dow Jones (down 6.2%) and Nasdaq (down 5%) were all in the negative territory. Rise in coronavirus cases globally was the primary reason for the declines. Against this backdrop, we highlight a few leveraged ETFs that gained in the week.
After being battered by the global price war instigated by the Saudi Arabia and Russia, oil prices bounced back on Apr 2 with more than a 25% rally (a record single-day jump) on Trump’s tweets that indicate chances of an end to the price war. Thanks to such a monumental one-day rise, the entire energy sector picked up last week (read: Will Oil Continue Riding the Trump Mojo? ETFs in Focus).
Russia — Direxion Daily Russia Bull 2X Shares RUSL — Up 19.53%
Russia, the energy-rich nation, has probably seen its stocks rally last week on hopes of a recovery in oil price. The underlying MVIS Russia Index is a rules-based index, intended to represent the overall performance of publically-traded companies that are domiciled and primarily listed on an exchange in Russia or that are not Russian companies, but nonetheless generate at least 50% of their revenues in Russia.
It is a non-cyclical sector and is likely to be less hammered by any market crash. The sector emerged as a true safe haven amid the latest crisis as people on self-quarantine need daily essentials at the least (read: Investors Love These ETF Areas Amid Virus-Led Bear Market).
With the coronavirus outbreak spreading rapidly, the entire world is striving to come up with a vaccine or medicine. Notably, the mRNA vaccine against COVID-19 was made in 63 days by Moderna Inc. (MRNA - Free Report) . The first participant in the Phase 1 trial received a dose of the vaccine candidate on Mar 16. However, the Phase 1 clinical trial is expected to conclude on Jun 1, 2021.Johnson & Johnson (JNJ - Free Report) also announced that it selected a lead vaccine candidate for COVID-19 on Mar 30. Then there is experimental COVID-19 drug Remdesivir from Gilead (GILD - Free Report) . Also, a large increase in demand for testing kits is being observed (read: Biotech Stocks & ETFs to Gain on Progress in COVID-19 Vaccine Development).
China — Direxion Daily FTSE China Bull 3X Shares (YINN - Free Report) — Up 4.6%
Despite being the epicenter of the pandemic, China stocks beat Wall Street in Q1 surprisingly, having lost only 11% in dollar terms. Notably, the S&P 500 and the Dow Jones lost about 20% and 23.2%, respectively, in Q1. China's central bank unexpectedly cut the key rate by 20 basis points at March-end, the largest in nearly five years, in order to infuse $10 billion into the money markets. On Apr 3, China's central bank cut the amount of cash that small banks must hold as reserves, releasing around 400 billion yuan ($56.38 billion) in liquidity (read: These China ETFs Hardly Felt Any Coronavirus Pain in Q1).
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Top Leveraged ETFs of Last Week
Despite a stupendous oil rally, last week was quite downbeat for the broader market. The S&P 500 (down 5.6%), Dow Jones (down 6.2%) and Nasdaq (down 5%) were all in the negative territory. Rise in coronavirus cases globally was the primary reason for the declines. Against this backdrop, we highlight a few leveraged ETFs that gained in the week.
Oil — ProShares Ultra Bloomberg Crude Oil (UCO - Free Report) — Up 64.44%
After being battered by the global price war instigated by the Saudi Arabia and Russia, oil prices bounced back on Apr 2 with more than a 25% rally (a record single-day jump) on Trump’s tweets that indicate chances of an end to the price war. Thanks to such a monumental one-day rise, the entire energy sector picked up last week (read: Will Oil Continue Riding the Trump Mojo? ETFs in Focus).
Russia — Direxion Daily Russia Bull 2X Shares RUSL — Up 19.53%
Russia, the energy-rich nation, has probably seen its stocks rally last week on hopes of a recovery in oil price. The underlying MVIS Russia Index is a rules-based index, intended to represent the overall performance of publically-traded companies that are domiciled and primarily listed on an exchange in Russia or that are not Russian companies, but nonetheless generate at least 50% of their revenues in Russia.
Consumer Staples — Direxion Daily Consumer Staples Bull 3XShrs — Up 8.2%
It is a non-cyclical sector and is likely to be less hammered by any market crash. The sector emerged as a true safe haven amid the latest crisis as people on self-quarantine need daily essentials at the least (read: Investors Love These ETF Areas Amid Virus-Led Bear Market).
Healthcare — Direxion Daily Healthcare Bull 3X Shares (CURE - Free Report) — Up 4.8%
With the coronavirus outbreak spreading rapidly, the entire world is striving to come up with a vaccine or medicine. Notably, the mRNA vaccine against COVID-19 was made in 63 days by Moderna Inc. (MRNA - Free Report) . The first participant in the Phase 1 trial received a dose of the vaccine candidate on Mar 16. However, the Phase 1 clinical trial is expected to conclude on Jun 1, 2021.Johnson & Johnson (JNJ - Free Report) also announced that it selected a lead vaccine candidate for COVID-19 on Mar 30. Then there is experimental COVID-19 drug Remdesivir from Gilead (GILD - Free Report) . Also, a large increase in demand for testing kits is being observed (read: Biotech Stocks & ETFs to Gain on Progress in COVID-19 Vaccine Development).
China — Direxion Daily FTSE China Bull 3X Shares (YINN - Free Report) — Up 4.6%
Despite being the epicenter of the pandemic, China stocks beat Wall Street in Q1 surprisingly, having lost only 11% in dollar terms. Notably, the S&P 500 and the Dow Jones lost about 20% and 23.2%, respectively, in Q1. China's central bank unexpectedly cut the key rate by 20 basis points at March-end, the largest in nearly five years, in order to infuse $10 billion into the money markets. On Apr 3, China's central bank cut the amount of cash that small banks must hold as reserves, releasing around 400 billion yuan ($56.38 billion) in liquidity (read: These China ETFs Hardly Felt Any Coronavirus Pain in Q1).
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>