A lot happened in the global economy and financial markets, the week ended Jan. 24. Major U.S. stock indexes extended their gains for a second straight week. The S&P 500 reached a record high as strong corporate earnings and economic data buoyed investor sentiment.

During these events, several ETFs stood out for their solid performance, with notable gains across sectors such as technology, energy, and fixed income. Let us delve into the key market trends of the week in this recap and identify five ETFs that posted double-digit gains during this period:

T-Rex 2X Long NFLX Daily Target ETF NFLU

Weekly gain: 35.18%

Focus: Provides 2x leveraged exposure to the daily price movements of Netflix Inc. NFLX

Expense ratio: 1.05%

ARK Genomic Revolution ETF ARKG

Weekly Gain: 12.32%

Focus: Allocates at least 80% of its assets to equity of companies across healthcare, information technology, materials, energy and consumer discretionary, that are relevant to the genomics revolution theme. 

Expense Ratio: 0.75%

Procure Space ETF UFO

Weekly Gain: 10.73%

Focus: Tracks the S-Network Space Index and has holdings in companies that post at least 50% of their revenues or profits from space-related businesses.

Expense Ratio: 0.85%

Range Nuclear Renaissance Index ETF NUKZ

Weekly Gain: 11.3%

Focus: Mirrors the Range Nuclear Renaissance Index and has holdings in companies like Cameco Corp CCJ, Constellation Energy Corp CEG and Nuscale Power Corp. SMR.
JP Hitachi Ltd

Expense Ratio: 0.85%

YieldMax MRNA Option Income Strategy ETF MRNY

Weekly Gain: 12.68%

Focus: Mirrors the S&P SmallCap 600 Index and seeks current income while maintaining the opportunity for exposure to the share price of Moderna Inc MRNA

Expense Ratio: 0.99%

See Also: Stocks Stall, Gold Nears Record Highs As Dollar Faces Worst Week Since July 2023: What’s Driving Markets Friday?

What Drove The Markets

Major U.S. stock indexes rose for the second week straight, driven by a rally on Thursday that sent the S&P 500 to a new record high, surpassing the mark set seven weeks earlier. The Dow Jones Industrial Average and the NASDAQ both posted weekly gains of about 2%, though they remain around 1% below their records from last month.

Fourth-quarter earnings projections improved slightly. Net income for S&P 500 companies is expected to grow by 12.7% year-over-year, according to FactSet. This will mean the highest quarterly earnings growth rate in three years, based on reported results and predictions.

U.S. consumer sentiment declined in January for the first time in six months, as indicated by a University of Michigan survey. Major concerns among respondents were about rising inflation and unemployment.

U.S. crude oil prices slipped more than 3% this week, ending a four-week streak gains. Oil traded around $74 per barrel on Friday, down from a peak above $80 on Jan. 15. Yet, year-to-date oil prices remain around 5% up.

Taking advantage of the dollar’s weakness and rising disagreements between the president and the central bank, gold rallied, closing in on all-time highs.

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• IronHold Capital CIO Reveals Trends Hedge Funds Track: 4 ETFs To Watch

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