State Street SPDR S&P 500 ETF Trust SPY added about 9.4% past month. State Street SPDR Dow Jones Indust Avg ETF Trust DIA gained about 6% and the Nasdaq-100-heavy ETF and Invesco QQQ Trust, Series 1 QQQ advanced about 14.6%. The Iran war, the resultant rally in oil prices, tariff tensions, the chances of renewed inflation, and the resultant less-dovish Fed stance have shaped the markets in April. Let’s delve a little deeper.
Moderate U.S. Economic Growth
The U.S. economy expanded at an annualized rate of 2.0% in Q1 2026, up from 0.5% in the previous quarter but below market expectations of 2.3%, according to a preliminary estimate, as quoted on tradingeconomics. Government spending grew 4.4%, recovering from a 5.6% contraction in Q4 of 2025, as activity resumed following the end of the government shutdown.
Rise in U.S. Inflation
The annual inflation rate in the United States rose to 3.3% in March 2026, marking the highest level since May 2024 and a sharp increase from 2.4% in both February and January, as quoted on tradingeconomics. On a monthly basis, consumer prices rose 0.9%, the largest increase since June 2022, following a 0.3% gain in February.
Massive Oil Rally
Oil prices remained elevated after Donald Trump signaled plans to maintain a prolonged naval blockade on Iran. Negotiations have stalled, with Tehran refusing to reopen the critical Strait of Hormuz until the blockade is lifted, disrupting regional oil flows and heightening global supply concerns. United States Oil Fund LP USO has gained 18.4% over the past month (as of April 30, 2026).
Upbeat Earnings Picture
The Q1 earnings season is shaping up with solid momentum, as companies not only beat consensus estimates but also signal resilience in the economy despite elevated energy costs and geopolitical risks, per the Earnings Trends issued on April 22, 2026. Strength has been particularly notable on the revenue side, both in growth rates and beat percentages (read: Forget Geopolitics: Bet on Earnings Growth & Invest in These Sector ETFs).
Looking ahead, Q2 earnings are projected to grow 19.8% year over year on 9.2% higher revenues, up from 17.1% projected growth at the end of March (read: Forget Geopolitics: Bet on Earnings Growth & Invest in These Sector ETFs).
Leveraged ETF Winners in Focus
Against this backdrop, below we highlight a few winning leveraged ETF winners of the month of April.
INTC-Heavy ETFs
BE-Heavy ETFs
Leverage Shares 2x Long BE Daily ETF (BEG) – Up 313.8%
Tradr 2X Long BE Daily ETF (BEX) – Up 313.5%
Bloom Energy BE shares surged 115.2% past month (as of May 1, 2026). Bloom Energy is riding the demandfor power supply to the data centers. Hyperscalers unable to connect to the power grid are turning to Bloom Energy because its fuel cells are easy to deploy and require no connection to traditional infrastructure, as quoted on Investing.
Direxion Daily INTC Bull 2X ETF (LINT) – Up 255.2%
GraniteShares 2x Long INTC Daily ETF (INTW) – Up 255.1%
Intel INTC is back in the spotlight, trading near fresh highs after finally surpassing its previous peak from August 2000, as quoted on Yahoo Finance. Intel’s recent rally marked its first meaningful breakout since the dot-com era (read: Intel Comeback Shows Need for Fair Valuation: ETFs in Focus).
In late April, Intel reported first-quarter earnings that beat Wall Street expectations. Revenue rose more than 7%, which showed that the chipmaker is finally starting to record growth. The company received a big investment last year by the Trump administration, as quoted on CNBC. INTC shares surged 96.2% over the past month (as of May 1, 2026).
AAOI-Heavy ETF
Tradr 2X Long AAOI Daily ETF (AAOX) – Up 152.5%
Applied Optoelectronics Inc AAOI stock gained 70% over the past month. The company is a developer and manufacturer of advanced optical and hybrid fiber coaxial (HFC) networking products that are the building blocks for artificial intelligence (AI) datacenters, Cable TV Broadband (CATV) and broadband fiber access networks. It intends to develop the largest production capacities for AI-focused data center transceivers in the United States.
Boost Your Portfolio with Our Top ETF Insights
Zacks' exclusive Fund Newsletter delivers actionable information, top news and analysis, as well as top-performing ETFs, straight to your inbox every week.
Don’t miss out on this valuable resource. It’s free!
Get it now >>Intel Corporation (INTC) : Free Stock Analysis Report
Invesco QQQ (QQQ): ETF Research Reports
State Street SPDR S&P 500 ETF Trust (SPY): ETF Research Reports
State Street SPDR Dow Jones Industrial Average ETF Trust (DIA): ETF Research Reports
United States Oil ETF (USO): ETF Research Reports
Applied Optoelectronics, Inc. (AAOI) : Free Stock Analysis Report
Bloom Energy Corporation (BE) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
