Wall Street delivered a mixed performance last week. The S&P 500 gained 0.7%, the Dow Jones lost about 0.4%, and the Nasdaq-100 advanced about 2.4%. The Russell 2000 added about 0.6%. Optimism around diplomatic progress between Washington and Tehran has supported a risk-on rally to some extent. However, volatility continues to loom amid an uncertain geopolitical backdrop.
With the lack of progress in renewed diplomatic talks between Washington and Tehran, along with rising tensions over control of the Strait of Hormuz, it appears increasingly likely that oil prices will remain elevated in the near term. United States Brent Oil Fund LP BNO has gained about 12.8% last week (read: Energy ETFs to Shine Amid Supply Constraints and Elusive Peace Talks).
Earnings Season in Focus
Shares of Taiwan Semiconductor Manufacturing Company TSM jumped last week after Taiwan’s regulator signaled plans to relax limits on fund allocations to individual stocks, as quoted on CNBC. TSM shares rose about 9% last week (read: TSMC Stock Surges to Record High on Policy Boost, AI Demand).
Shares of Tesla TSLA initially rose about 4% in extended trading on April 22, (as cited in CNBC) following its first-quarter 2026 results. However, the momentum faded the following day as shares dropped 3.6%. The electric vehicle (EV) maker’s announcement of a $5 billion increase in capital expenditure guidance during theearnings calllikely dampened investor confidence, triggering the slump in TSLA’s share price.
This capex hike is largely earmarked for AI-related initiatives, specifically the infrastructure required to scale the Robotaxi network and the mass production of Optimus (read: ETFs to Watch as Tesla Shares Slump Despite Q1 Earnings Beat).
Intel INTC shares surged 26% after quarterly results, surpassing dot-com era high, as quoted on Investing.com. Intel reported strong first-quarter 2026 results, with both adjusted earnings and revenues beating the Zacks Consensus Estimate.
The company posted 7% year-over-year revenue growth, signaling that the chipmaker is beginning to regain momentum. It has also received strong backing from the Trump administration, which made the U.S. government its largest shareholder last year to support domestic chip manufacturing. Plus, NVIDIA and SoftBank have invested billions in Intel.
NVIDIA Reclaims $5 Trillion Market Cap
NVIDIA NVDA surged on Friday to reclaim the $5 trillion market capitalization milestone, according to Yahoo Finance. The rally was fueled by strong momentum in chip stocks, supported by upbeat earnings from Intel and optimism surrounding a nuclear power partnership with Oklo.
ETFs in Focus
Against this backdrop, below we highlight a few winning ETF areas from last week.
Cannabis
Roundhill Cannabis ETF WEED – Up 18.4%
AdvisorShares Pure US Cannabis ETF MSOS – Up 13.0%
The U.S. Department of Justice and the Drug Enforcement Administration have recently moved FDA-approved marijuana-based products and state-regulated medical cannabis to Schedule III, while initiating an expedited review to consider broader reclassification from Schedule I, as quoted on Benzinga. An administrative hearing set for June 29, 2026, aims to fast-track the rulemaking process and provide clearer direction for research and medical applications.
Crude
United States Brent Oil Fund LP BNO – Up 12.8%
Optimism around the near-term resumption of U.S.-Iran diplomatic talks appears limited. With the United States maintaining its naval blockade and Tehran signaling no immediate willingness to return to negotiations, tensions remain elevated, keeping traffic through the Strait of Hormuz near a standstill, as quoted on Yahoo Finance.
Semiconductor
State Street SPDR S&P Semiconductor ETF XSD – Up 15.5%
There was a broad-based rally in the chip sector. The Philadelphia Semiconductor Index has logged an impressive 18-day winning streak, adding value across the industry. Intel’s upbeat results added to the bullish sentiment.
Major semiconductor players benefiting from this surge include Broadcom (AVGO), Taiwan Semiconductor Manufacturing Company (TSM), Micron Technology (MU), Advanced Micro Devices (AMD), Intel, and Texas Instruments (TXN).
Hydrogen
Global X Hydrogen ETF HYDR – Up 12.2%
Optimism surrounding a potential long-term truce in the Middle East has lifted U.S. markets. However, the current energy crisis amid the Iran war has led several countries to opt for alternative energy sources. Hydrogen is one such option. Additionally, the expansion of the AI industry has increased the demand for clean and sustainable energy, with hydrogen emerging as a potential fuel.
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United States Brent Oil ETF (BNO): ETF Research Reports
State Street SPDR S&P Semiconductor ETF (XSD): ETF Research Reports
AdvisorShares Pure US Cannabis ETF (MSOS): ETF Research Reports
Global X Hydrogen ETF (HYDR): ETF Research Reports
Roundhill Cannabis ETF (WEED): ETF Research Reports
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.
