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Nvidia ETFs Take Center Stage As Bears, Bulls Duke It Out With 8%-14% Swings

Published 18/04/2024, 13:45
© Reuters Nvidia ETFs Take Center Stage As Bears, Bulls Duke It Out With 8%-14% Swings

Benzinga - by Surbhi Jain, .

Concerns over rising interest rates and a barrage of corporate earnings reports continue to affect U.S. stocks.

What Happened: On Wednesday, April 17, all three major indexes opened in positive territory. But the market sentiment quickly soured.

  • The S&P 500 closed down approximately 0.6%
  • Dow Jones Industrial Average posted a more modest loss of 0.1%.
  • The tech-heavy Nasdaq Composite plunged over 1% by the day’s end.

Tech: S&P 500’s Worst Performing Segment Tech giants played a pivotal role in driving the day’s market action.

  • Nvidia Corp (NASDAQ:NVDA) took a notable hit, tumbling nearly 4%
  • Meta Platforms Inc (NASDAQ:META) also saw a decline of over 1%.
  • The Technology Select Sector SPDR Fund (NYSE:XLK) emerged as the worst-performing segment within the S&P 500, shedding nearly 1.5%.
  • ASML Holding NV (NASDAQ:ASML), the Dutch semiconductor equipment giant’s shares plummeted more than 7% following a disappointing quarterly update.

Investors now brace for further fallout ahead of Taiwan Semiconductor Manufacturing Co Ltd‘s (NYSE:TSM) earnings report on Thursday, April 18. The company’s report will likely carry significant implications for the entire industry.

Nvidia-Focused ETFs In The Spotlight Exchange-traded funds (ETFs) focused on Nvidia found themselves in the spotlight.

Chart: Benzinga Pro

Top ETF Gainers On Wednesday

  • Direxion Daily Semiconductor Bear 3x Shares (NYSE:SOXS) surged by 7.63%; this bearish ETF capitalized on the downturn in semiconductor stocks.
  • ETF Opportunities Trust T-Rex 2X Inverse NVIDIA Daily Target ETF (NYSE:NVDQ) posted a gain of 8.21%; this inverse ETF offered investors double the inverse exposure to Nvidia’s daily performance.
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  • GraniteShares 2x Short NVDA Daily ETF (NYSE:NVD) spiked 8.02%; this ETF leveraged a short position on Nvidia’s daily movements.
  • ProShares UltraShort Semiconductors (NYSE:SSG) climbed 13.82; this ETF provided ultra-short exposure to the semiconductor sector, benefiting from the broader weakness in chip stocks.

    • Chart: Benzinga Pro

    Top ETF Losers On Wednesday

  • Direxion Daily Semiconductor Bull 3x Shares (NYSE:SOXL) plunged 7.71%
  • GraniteShares 2x Long NVDA Daily ETF (NYSE:NVDL) slid 7.80%; this leveraged ETF magnified losses as Nvidia shares declined.
  • ETF Opportunities Trust T-Rex 2X Long NVIDIA Daily Target ETF (NYSE:NVDX) dropped 8.02%; this ETF doubled the exposure to Nvidia’s daily performance, resulting in amplified losses.
  • Direxion Daily NVDA Bull 2X Shares (NYSE:NVDU) fell by 7.90%; this bullish ETF faced headwinds as Nvidia shares declined, eroding investors’ returns.

    • Read Next: Jim Cramer Explains What Could Trigger Further Market Decline – ‘If You Want To Get Out, Go Ahead …’

    © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

    Read the original article on Benzinga

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