Wall Street rebounded last week, reversing the losses prompted by the Trump administration’s tariff attack on April 2.

Encouraged by positive trade news and a surprisingly strong beginning to earnings season, the S&P 500 recorded its second consecutive weekly gain — its longest winning run since May 2024. Tech giants Microsoft Corp MSFT, Meta Platforms Inc META, Apple Inc AAPL, and Amazon.com Inc AMZN beat forecasts, with Microsoft recording a record week. Meanwhile, deflating inflation, robust jobs data and tariff anxiety kept the surroundings abuzz.

In contrast to this macro tailwind, a few leveraged and thematic ETFs took center stage with spectacular gains:

Defiance Daily Target 2X Long HIMS ETF HIMZ was the top performer with a stunning 91.3% weekly jump, fueled by increased investor appetite for telehealth and speculative momentum. New weight-loss medications and sustained demand from the underlying company, Hims & Hers Health Inc HIMS, drove the rally.

MAX Airlines 3X Leveraged ETNs JETU rose 16.2% as airline shares took off on tailwinds from an uptick in a few airline stocks.

MicroSectors FANG+ 3 Leveraged ETNs FNGB jumped 13.2%, boosted by mega-cap tech outperformance.

United States Natural Gas Fund LP UNG surged 10.2% on inventory drawdowns that reignited gas bulls. A drop in production output and record LNG exports led the gains, according to Trading Economics.

Direxion Daily Uranium Bull 2X ETF URAA rose 6%, as nuclear power talk and supply issues stoked demand for the uranium sector. The fourth round of nuclear talks between Iran and the U.S., which was supposed to happen on Saturday, was postponed, bringing the sector into the spotlight.

The ETF leaderboard indicates investors aren’t only riding the rally — they’re aiming for high-octane names in spaces with both narrative pull and near-term catalysts.

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What Happened Last Week

Wall Street mounted a robust recovery, erasing losses from the Trump administration’s April 2 tariff shock, due to positive trade developments and a surprisingly robust start to earnings season.

Tech giants beat forecasts, with Microsoft standing out the brightest. The S&P 500 recorded a second weekly gain, its best run since May 2024.

Top performers were Arista Networks Inc ANET and Carrier Global Corp CARR (both +~20%).

Industrials and tech drove the rally; energy stocks fell as oil prices fell to $58, oil’s second-worst week this year. OPEC+ supply speculation and Trump saber-rattling over Iranian oil did not boost crude.

Macroeconomic news was mixed: GDP decreased 0.3% (vs. an expected 0.4% rise), yet reassuring jobs (177,000 nonfarm payrolls vs. 130,000 anticipated) and softening inflation provided cheer. Core PCE inflation came down to 2.6%.

Now, everyone’s eye is on the next Fed meeting. The rates will likely stay put, yet Fed Chair Jerome Powell’s commentary, particularly post-Trump’s renewed rate-cut pressure, is the big draw.

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