Wall Street saw gains, NVIDIA briefly top market cap, but ended week with profit decline

From Nasdaq: 2024-06-24 08:34:00

Last week, Wall Street saw moderate gains with the S&P 500, Dow Jones, and Russell 2000 rising but the Nasdaq staying flat. U.S. treasury yield sat at 4.25% on Jun 21. NVIDIA briefly claimed the title of the world’s most valuable company, surpassing Microsoft with a market cap exceeding $3.33 trillion.

However, NVIDIA’s success was short-lived as profit booking led to a 2.5% decline by the end of the week. U.S. retail sales for May were weaker than expected, only rising 0.1% sequentially. This soft data increased expectations of a Fed rate cut. Homebuilder confidence in the U.S. dipped in June.

Key ETF areas that performed well last week included leveraged Mexico, leveraged cannabis, inverse/leveraged ProShares UltraShort Bloomberg Natural Gas, and inverse/leveraged NVIDIA. Mexican shares performed well, cannabis stocks rallied, and U.S. natural gas prices fell resulting in positive gains for these ETFs.



Read more at Nasdaq: 4 Best Inverse/Leveraged ETF Areas of Last Week