We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Wall Street was subdued last week. The S&P 500 inched down 0.04%, the Dow Jones lost 0.6% and the Nasdaq was off 0.2% last week. Following a period subjugated by the “Magnificent Seven” mega-cap tech stocks — similar to the dotcom bubble — investors are now looking beyond the big techs. As a result, a market shift took place and weighed on the broader market (read: Time to Buy These 4 ETF Areas?).
Meanwhile, mortgage rates fell to their lowest level in over a year, marking a nice development for the housing market. Expectations that the Fed will cut interest rates in September have caused long-term bond yields to decline, which in turn has pushed mortgage rates downward. The decline in mortgage rates will boost prospective homebuyers’ purchasing power and boost sales (read: Will Homebuilding ETFs Have Their Moment Now?).
U.S. stocks rebounded in the latter phase of the week after weekly initial jobless claims fell more than the forecast in a positive update on the health of the U.S. labor market. This has alleviated recessionary fears (that was caused by downbeat jobs data released a few days back) and boosted Wall Street stocks. In fact, Thursday marked the S&P 500's largest one-day gain since November 2022 (read: Can Wall Street ETFs Sustain the Latest Rebound?).
Against this backdrop, below we highlight the winning inverse/leveraged ETFs of last week.
ProShares Ultra Bloomberg Natural Gas (BOIL - Free Report) – Up 19.6%
Natural gas futures prices surged nearly 4% on Aug 7, 2024, defying the recent bearish trends. Several factors, including bargain hunting, inventory concerns, geopolitical risks, technical factors and shifting weather patterns caused the rally, per oilprice.com.
Ether prices, too, dropped last week due to the flare-up of risk-off trade sentiments. However, finally, Bitcoin and Ether prices jumped up to 10% on Friday after U.S. jobless claims fell more than expected, erasing concerns about a weakening labor market.
ProShares Ultra MSCI Brazil Capped (UBR) – Up 14.7%
Brazil shares jumped recently thanks to gains in the Real Estate, Public Utilities and Financials sectors. As a result, leveraged Brazil stocks gained last week.
GraniteShares 2x Long META Daily ETF (META - Free Report) – Up 11.9%
Meta stocks jumped 14.9% last week. Per Financial Times, Google and Meta struck a secret ads deal to target the teenage user base. This, along with, some buy-the-dip trend in big tech stocks probably boosted the Meta stock last week.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
4 Best Inverse/Leveraged ETFs of Last Week
Wall Street was subdued last week. The S&P 500 inched down 0.04%, the Dow Jones lost 0.6% and the Nasdaq was off 0.2% last week. Following a period subjugated by the “Magnificent Seven” mega-cap tech stocks — similar to the dotcom bubble — investors are now looking beyond the big techs. As a result, a market shift took place and weighed on the broader market (read: Time to Buy These 4 ETF Areas?).
Meanwhile, mortgage rates fell to their lowest level in over a year, marking a nice development for the housing market. Expectations that the Fed will cut interest rates in September have caused long-term bond yields to decline, which in turn has pushed mortgage rates downward. The decline in mortgage rates will boost prospective homebuyers’ purchasing power and boost sales (read: Will Homebuilding ETFs Have Their Moment Now?).
U.S. stocks rebounded in the latter phase of the week after weekly initial jobless claims fell more than the forecast in a positive update on the health of the U.S. labor market. This has alleviated recessionary fears (that was caused by downbeat jobs data released a few days back) and boosted Wall Street stocks. In fact, Thursday marked the S&P 500's largest one-day gain since November 2022 (read: Can Wall Street ETFs Sustain the Latest Rebound?).
Against this backdrop, below we highlight the winning inverse/leveraged ETFs of last week.
ProShares Ultra Bloomberg Natural Gas (BOIL - Free Report) – Up 19.6%
Natural gas futures prices surged nearly 4% on Aug 7, 2024, defying the recent bearish trends. Several factors, including bargain hunting, inventory concerns, geopolitical risks, technical factors and shifting weather patterns caused the rally, per oilprice.com.
ProShares UltraShort Ether ETF (ETHD) – Up 16.1%
Ether prices, too, dropped last week due to the flare-up of risk-off trade sentiments. However, finally, Bitcoin and Ether prices jumped up to 10% on Friday after U.S. jobless claims fell more than expected, erasing concerns about a weakening labor market.
ProShares Ultra MSCI Brazil Capped (UBR) – Up 14.7%
Brazil shares jumped recently thanks to gains in the Real Estate, Public Utilities and Financials sectors. As a result, leveraged Brazil stocks gained last week.
GraniteShares 2x Long META Daily ETF (META - Free Report) – Up 11.9%
Meta stocks jumped 14.9% last week. Per Financial Times, Google and Meta struck a secret ads deal to target the teenage user base. This, along with, some buy-the-dip trend in big tech stocks probably boosted the Meta stock last week.