The S&P 500 Hits Longest Winning Streak Since 2004

The S&P 500 has achieved its longest winning streak since November 2004, closing higher for multiple sessions. U.S. stocks surged on Friday, marking a significant comeback for major indexes. This rally was driven by a strong jobs report and progress in U.S.-China trade negotiations.

The S&P 500 rose nearly 1.5%, surpassing its April 2 closing level, which President Trump referred to as “Liberation Day” when sweeping tariffs were announced. The Dow Jones Industrial Average increased by 1.4%, achieving its ninth consecutive winning day. The tech-focused Nasdaq Composite also climbed roughly 1.5%.

Weekly Market Performance: Major Indexes Show Strength

Friday’s rally capped a strong week for U.S. equities. The Dow increased by 3%, the S&P 500 nearly 3%, and the Nasdaq outshined with a 3.4% gain. Optimism surrounding Big Tech earnings and advancements in trade discussions were pivotal drivers of this weekly surge.

Job Market Exceeds Expectations

A robust U.S. jobs report fueled market optimism. Nonfarm payrolls rose by 177,000 in April, surpassing economists’ expectations of 138,000. The unemployment rate remained steady at 4.2%, demonstrating ongoing strength in the labor market, despite recent volatility linked to tariff concerns.

U.S.-China Trade Negotiations Progress

Investor optimism grew with developments from Beijing. The Chinese commerce ministry expressed openness to negotiations, indicating that the “door is open” for talks if the U.S. agrees to reduce reciprocal tariffs. This suggests a potential easing of trade tensions that have unsettled markets since April.

Tech Giants Microsoft and Meta Excel

Among major tech players, Microsoft MSFT and Meta META led the charge last week. Microsoft rallied over 11%, its best performance since March 2023. Meta also achieved its strongest week since February 2024. In contrast, Apple AAPL underperformed, declining over 2% following its quarterly results.

Tariff Pressures on Apple and Amazon

Despite strong earnings, some tech giants faced tariff-related pressures. Apple reported a $900 million tariff impact for the quarter and reduced its share buyback program by $10 billion, leading to a drop in its Stock. Meanwhile, Amazon AMZN delivered solid earnings but provided cautious guidance, citing tariffs and trade policy as major concerns, resulting in little change in its shares.

Top Performing Leveraged ETFs Last Week

Amid these developments, the following leveraged exchange-traded funds (ETFs) showcased strong performance over the past week:

Defiance Daily Target 2X Long HIMS ETF HIMZ – Up 74.1% Last Week

Hims & Hers has seen strong acceptance in the marketplace for its health and wellness products. Recently, the company partnered with Novo Nordisk NVO to enhance access to its obesity care offerings. HIMS Stock surged 36.5% last week.

ProShares Ultra Bloomberg Natural Gas BOIL – Up 31.3%

Natural gas prices in the U.S. spiked last week due to a decline in production and record LNG exports, with output reaching a two-month low.

Defiance Daily Target 2X Long RGTI ETF RGTX – Up 18.8%

Rigetti Computing Inc (RGTI) saw a 12.1% increase last week. The company secured a new investment agreement with Quanta Computer involving a $35 million purchase of Rigetti’s common Stock. Most analysts are optimistic about the Stock.

Defiance Daily Target 2X Long NVO ETF NVOX – Up 22.2%

Novo Nordisk announced that the FDA accepted its submission for a new drug application for a Wegovy pill designed to treat obesity, amid competition for oral weight-loss medications. If approved, Wegovy would be the first oral GLP-1 drug for chronic weight management. The NVO Stock surged 11.4% last week and accounts for about 12% of the fund OZEM.

GraniteShares 2x Long MSFT Daily ETF MSFL – Up 22.4%

Microsoft’s robust gains, driven by strong earnings and ongoing investments in AI technology, significantly uplifted this ETF.

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Disclaimer: The views and opinions expressed herein represent those of the author and do not necessarily reflect those of Nasdaq, Inc.