5 Best Inverse/Leveraged ETF Areas of Last Week
Zacks Investment Research | May 03, 2021 02:29AM ET
Wall Street was muted last week with the S&P 500 gaining 0.02% but the Dow Jones (down 0.5%), the Nasdaq Composite (down 0.4%) and the Russell 2000 (down 0.2%) showing a downtrend. President Biden is reportedly on the way to hike the capital gain tax rate in the near term.
This probably gave way to some profit-booking while reflationary cues increased benchmark U.S. treasury bond yields last week from 1.58% (at the start of week) to 1.65% (at the end of the week). Overall, earnings came in upbeat with the big tech earnings overwhelming investors completely.
Against this backdrop, below we highlight a few leveraged ETFs of the last week.
h3 Inverse Gold Miners/h3Gold prices remained subdued last week thanks to the spike in the bond yields and the resultant strength in the greenback. Upbeat U.S. economic growth reading of the first quarter also added to the dollar strength. As a result, gold mining stocks nosedived and inverse gold mining ETFs gained. Microsectors Gold Miners -3X ETN Get it free >>
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