Tech stocks led Wall Street rebound, but major indexes ended week negative due to Fed uncertainty.

From Nasdaq: 2024-04-08 13:00:00

After a rough week, Wall Street rebounded on Friday with tech stocks leading the rally. Despite gains, all three major indexes ended the week in the negative due to uncertainty over the Fed’s stance on interest rates. S&P 500, Dow Jones, and Nasdaq all saw losses last week.

In economic news, March saw a strong US labor market performance with 303,000 jobs added and a decreased unemployment rate of 3.8%, meeting wage growth projections. Volatility remained due to economic indicators, corporate updates, and Middle East tensions. US manufacturing sector saw growth after 1.5 years.

Oil prices surged near six-month highs due to tensions between Israel and Iran. Brent crude hovered below $91 a barrel, while WTI traded under $87. Tesla disappointed with a drop in deliveries, sparking concerns about EV demand. Inverse/leveraged ETF winners last week included gold miners, silver, and volatility ETFs.

MicroSectors Gold Miners 3X Leveraged ETN and ProShares Ultra Silver ETF saw gains, driven by market turmoil. iPath Series B S&P 500 VIX Short-Term Futures ETN rose amid Fed rate cut uncertainty. GraniteShares 2x Long META Daily ETF surged with Meta Platforms’ growth, while MicroSectors U.S. Big Oil Index 3X Leveraged ETN rose on geopolitical tensions.



Read more at Nasdaq: Best Inverse/Leveraged ETFs of Last Week