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Direxion Daily Homebuilders & Supplies Bull 3X Shares ETF experienced significant gains in 2023 as rates moved lower and sentiment for new home construction improved. Home buying slowed in 2023 as interest rates soared, but prices remained high due to low existing home supplies. The Dow Jones U.S. Select Home Construction Index reached a record high in 2023, supported by low existing home inventories and pent-up demand.
NAIL is ranked as the top ETF in the class of equity leveraged funds by Seeking Alpha Quant. The recent decline in mortgage rates has improved earnings expectations for homebuilding stocks. The current economic and market conditions are favorable for investing in homebuilding stocks.
Top Performing Levered/Inverse ETFs Last Week These were last week's top performing leveraged and inverse ETFs. Note that because of leverage, these kinds of funds can move quickly.
Top Performing Levered/Inverse ETFs Last Week These were last week's top performing leveraged and inverse ETFs. Note that because of leverage, these kinds of funds can move quickly.
Warren Buffett's Berkshire Hathaway has reached record-high levels of cash, with $157 billion on hand, exceeding Disney's market capitalization. The last time Buffett held record cash levels was in late 2021, ahead of the 2022 market correction. Similar patterns are observed between 2018 and 2023, the only two years when the Fed hit multi-year high Fed funds rates while conducting the largest QT balance sheet reduction in history.
Wall Street logged the best weekly performance of 2023 last week.
While many corners of the space have shown strength, we have highlighted five best-performing ETFs of the day that were the biggest beneficiaries of the change in trend.
The Dow Jones U.S. Select Home Construction Index experienced significant volatility due to the global pandemic and government stimulus programs. Rising interest rates have made it more difficult for home buyers, leading to a decline in existing home supplies and an increase in new home construction. Despite rising rates, the stock market and housing market have continued to climb, indicating that the market is digesting higher interest rates.
Top Performing Levered/Inverse ETFs Last Week These were last week's top performing leveraged and inverse ETFs. Note that because of leverage, these kinds of funds can move quickly.
Wall Street delivered an upbeat performance last week, with the Dow Jones logging the best week since July.