Stocks continue their uptrend after a blockbuster first half, fueled by AI enthusiasm, a resilient US economy, improving corporate earnings, and signs of cooling inflation.
The S&P 500 was up around 15% and hit 31 record highs, while the Nasdaq Composite soared 19% in the first half of 2024.
At the beginning of the year, many experts had predicted a broadening of the rally, but that didn’t happen. In fact, NVIDIA NVDA has accounted for about a third of the S&P 500’s gains in 2024.
NVIDIA’s blistering surge encouraged many to make leveraged bets on the stock. The GraniteShares 2x Long NVDA Daily ETF NVDL started the year with about $200 million in assets and now has close to $5 billion AUM.
The approval of spot Bitcoin ETFs marked a monumental event for digital assets and the ETF industry. Investor adoption has been record-breaking, and the iShares Bitcoin Trust IBIT dethroned the Grayscale Bitcoin Trust GBTC to become the world’s largest Bitcoin fund.
GBTC, however, benefitted not only from the cryptocurrency’s surge but also from the disappearance of its discount to NAV. It operated more like a closed-end fund before conversion and often traded at a significant discount or premium to its NAV.
The incredible rally in NVIDIA supercharged semiconductor ETFs. As other tech giants also gained, technology and momentum-focused funds did quite well.
To learn more about the VanEck Semiconductor ETF SMH, Roundhill Magnificent Seven ETF MAGS and Invesco S&P 500 Momentum ETF SPMO, please watch the short video above.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>NVIDIA Corporation (NVDA) : Free Stock Analysis Report
VanEck Semiconductor ETF (SMH): ETF Research Reports
Grayscale Bitcoin Trust ETF (GBTC): ETF Research Reports
Invesco S&P 500 Momentum ETF (SPMO): ETF Research Reports
Roundhill Magnificent Seven ETF (MAGS): ETF Research Reports
iShares Bitcoin Trust (IBIT): ETF Research Reports
GraniteShares 2x Long NVDA Daily ETF (NVDL): ETF Research Reports
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
