From Nasdaq
September 16, 2024 8:00 am:

Wall Street surged on Sept. 13, 2024, with the S&P 500 and Nasdaq Composite gaining 0.5% and 0.7% respectively, while the Dow Jones added 0.5% or around 300 points. This marked five straight days of gains for all three indices, fueled by expectations of a significant interest rate cut by the Federal Reserve.

For the week, the Nasdaq rose over 5%, its best performance of the year. U.S. semiconductor stocks saw a rally amid a volatile market. The S&P 500 gained 4%, and the Dow increased by 2%, coinciding with renewed debate over interest rate policy and uncertainty in the market.

The market’s upward momentum was supported by rising expectations of a 50-basis point interest rate cut by the Federal Reserve. Traders now attribute a 49% probability to this outcome, up from just 15% on Sept. 12, 2024. Reports from the Financial Times and The Wall Street Journal, along with comments from former New York Fed President Bill Dudley, have intensified speculation surrounding the Fed’s decision.

Amid the interest rate cut debate, the yield on the benchmark 10-year Treasury fell to 3.66% on Sept. 13, 2024, from 3.70% recorded on Sept. 9, 2024. Market uncertainty persists as investors weigh the possibility of a 0.25% or 0.5% rate cut, with concerns over labor market weakness and recession risks fueling market volatility.

Last week’s best-performing leveraged ETFs included Defiance Daily Target 2X Long AVGO ETF, up 48.03%, based on Broadcom Inc’s 20.8% jump. Other winners included Defiance Daily Target 1.75x Long MSTR ETF, up 42.2%, and Defiance Daily Target 2X Long SMCI ETF, up 38.1%, driven by gains in MicroStrategy Inc and Super Micro Computer Inc, respectively.

MicroSectors Gold Miners 3X Leveraged ETN rose 36.3% as the underlying Gold bullion ETF SPDR Gold Trust increased by 3.2%. Also, GraniteShares 2x Long PLTR Daily ETF climbed 35.0% following an 8.8% gain in Palantir Technologies Inc. These ETFs seek leveraged investment results based on the performance of gold mining or tech companies, reflecting the week’s market trends.

Read more at Nasdaq: Best-Performing Leveraged ETFs of Last Week