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

Author: Surbhi Jain | April 18, 2024 08:45am

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.

Also Read: Nvidia Stock Could See 81% Upside By 2025, Says Evercore ISI: ‘Only In The Beginning Phases Of Generating Outsized Returns’

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.

Despite resilient sales to China amidst U.S. restrictions, ASML missed order estimates, sending shockwaves through the chip sector.

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

  1. Direxion Daily Semiconductor Bear 3x Shares (NYSE:SOXS) surged by 7.63%; this bearish ETF capitalized on the downturn in semiconductor stocks.
  2. 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.
  3. GraniteShares 2x Short NVDA Daily ETF (NYSE:NVD) spiked 8.02%; this ETF leveraged a short position on Nvidia’s daily movements.
  4. 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

  1. Direxion Daily Semiconductor Bull 3x Shares (NYSE:SOXL) plunged 7.71%
  2. GraniteShares 2x Long NVDA Daily ETF (NYSE:NVDL) slid 7.80%; this leveraged ETF magnified losses as Nvidia shares declined.
  3. 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.
  4. Direxion Daily NVDA Bull 2X Shares (NYSE:NVDU) fell by 7.90%; this bullish ETF faced headwinds as Nvidia shares declined, eroding investors’ returns.

As Nvidia-centric ETFs stole the limelight with their volatile movements, investors navigated through a landscape fraught with uncertainty. They can be seen grappling with divergent market forces and the ever-present specter of interest rate hikes.

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

Posted In: ASML META NVD NVDA NVDL NVDQ NVDU NVDX SOXL SOXS SSG TSM XLK


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