Market Overview
On Thursday Jul 23, the Dow Jones Industrial Average fell 0.97%, the S&P 500 shed 1.21%, and the Nasdaq Composite dropped 2.15%.
ETF market breadth skewed defensive, with inverse and commodity-linked products broadly firmer while leveraged long equity vehicles lagged.
Top 5 US ETF Gainers
T-Rex 2x Inverse Tesla Daily Target ETF (TSLZ) jumped 29.33%. The vehicle seeks two times the inverse of electric vehicle company Tesla, and it advanced as the underlying exposure weakened intraday.
Tesla shares tumbled on Thursday after the EV maker reported lower-than-expected quarterly profit despite revenue exceeding estimates.
GraniteShares 2x Short TSLA Daily ETF (TSDD) gained 29.27%. This product provides two times inverse exposure to Tesla, and it climbed as the shares retreated.
Tradr 2X Short TSLA Daily ETF (TSLQ) added 29.04%. Designed to deliver two times the inverse of Tesla, the ETF rose alongside the stock’s pullback.
Direxion Daily LMT Bull 2X ETF (LMTL) surged 20.68%. The fund targets two times the daily return of aerospace and defense contractor Lockheed Martin, and the advance tracked the underlying stock’s strength.
Defiance Daily Target 2X Long UMAC ETF (UMAL) increased 17.21%. The ETF seeks two times the daily move of UMAC and moved higher as the underlying exposure firmed during the session.
Top 5 US ETF Losers
T-Rex 2x Long Tesla Daily Target ETF (TSLT) sank 29.38%. The fund targets two times the daily return of Tesla, and it fell as the shares weakened.
ProShares Ultra TSLA ETF (TSLI) declined 29.35%. The ETF seeks two times the daily performance of Tesla, and it slid amid the stock’s retreat.
Direxion Daily TSLA Bull 2X Shares (TSLL) dropped 29.20%. This product amplifies, by two times, daily moves in Tesla and slumped as the underlying pulled back.
Leverage Shares 2x Long TSLA Daily ETF (TSLG) fell 29.17%. Designed to deliver two times the daily performance of Tesla, the vehicle retreated alongside the stock’s weakness.
GraniteShares 2x Long TSLA Daily ETF (TSLR) decreased 29.02%. The fund targets two times the daily move of Tesla and declined as the shares softened.
Top 5 Equity Index ETFs
ProShares UltraPro Short QQQ (SQQQ) rose 5.69%. The ETF targets three times the inverse daily performance of the Nasdaq-100, and it gained as the growth-heavy index weakened.
ProShares UltraShort QQQ (QID) advanced 3.87%. The fund seeks two times inverse exposure to the Nasdaq-100 and moved higher as the benchmark slid.
ProShares UltraPro Short S&P500 ETF (SPXU) increased 3.68%. This product delivers three times inverse daily exposure to the S&P 500 and rallied alongside the index’s decline.
ProShares UltraPro Short Dow30 ETF (SDOW) added 2.95%. The fund provides three times inverse exposure to the Dow Jones Industrial Average and firmed as the blue-chip gauge fell.
ProShares UltraShort S&P500 (SDS) gained 2.47%. The vehicle seeks two times inverse exposure to the S&P 500 and advanced as the index slipped.
Top 5 Commodity ETFs
ProShares UltraShort Silver (ZSL) jumped 7.02%. The fund targets two times inverse daily exposure to silver bullion and rose as the metal eased.
United States Oil Fund LP (USO) climbed 5.93%. The ETF tracks front-month West Texas Intermediate crude oil futures, and it rallied with the upswing in crude.
U.S. energy shares rose on Thursday as Brent crude touched $100 a barrel, extending a five-day rally after attacks on two Saudi oil tankers heightened concerns over global oil supply disruptions.
DB Gold Double Short Exchange Traded Notes (DZZ) rose 5.51%. The note provides two times inverse exposure to gold and gained as the precious metal softened.
Direxion Daily Gold Miners Index Bear 2X Shares (DUST) advanced 4.54%. The fund seeks two times inverse daily moves of gold mining equities and increased as the equities backdrop for miners weakened.
ProShares UltraShort Gold (GLL) added 4.05%. This product offers two times inverse exposure to gold and moved higher as bullion slipped.
Top 5 Industry ETFs
Direxion Daily Semiconductors Bear 3x Shares (SOXS) rose 2.36%. The ETF targets three times inverse exposure to U.S. semiconductor manufacturers and advanced as chip stocks weakened.
Industrial Select Sector SPDR Fund (XLI) gained 1.73%. The fund holds large U.S. industrial companies and mirrored the sector’s relative strength during the session.
ProShares UltraShort Materials (SMN) increased 1.72%. This product seeks two times inverse exposure to U.S. materials stocks and rose as the group softened.
Invesco DB Commodity Index Tracking Fund (DBC) advanced 1.51%. The fund provides diversified commodity futures exposure, and the move reflected broad strength in energy-heavy contracts.
Health Care Select Sector SPDR Fund (XLV) added 1.26%. The ETF concentrates on large U.S. healthcare companies and edged higher amid a defensive tone.
Top 5 Bond ETFs
WisdomTree Floating Rate Treasury Fund (USFR) was unchanged at 0.00%. The fund holds U.S. Treasury floating rate notes, and the flat reading reflected steadier front-end rates.
iShares Floating Rate Bond ETF (FLOT) was unchanged at 0.00%. The ETF invests in investment-grade floating rate corporate bonds, and it finished steady.
SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) was unchanged at 0.00%. The fund targets ultra-short U.S. Treasury bills and was little changed.
First Trust Enhanced Short Maturity ETF (FTSM) slipped 0.01%. The vehicle is an actively managed short-duration investment-grade portfolio and eased marginally.
iShares Short Treasury Bond ETF (SHV) dipped 0.01%. The ETF holds short-dated U.S. Treasuries and ticked slightly lower.
Conclusion
A risk-off tone dominated ETF trading, with inverse index products and commodity-linked vehicles firming while leveraged long single-stock funds weakened. Tesla-linked products showed stark dispersion, as multiple inverse shares advanced while several long counterparts fell. Energy-related exposure benefited from crude strength and precious-metals inverses gained, while semiconductor bears and select defensives were supported. Short-duration bond funds were largely flat, underscoring relative calm at the front end even as equity volatility lifted leveraged and inverse products covered above.
Comments