AAPU ETF

These leveraged and inverse ETFs were the best performers last week. Keep in mind that due to their leverage, these funds can experience rapid movements.

Last week, Wall Street experienced increasing anxiety due to underwhelming corporate updates from major banks, sparking worries about ongoing inflation and the possibility of continued high interest rates.

During the week, a total of 16 new ETFs debuted on the U.S. markets. These included launches from AllianzIM, ProShares, Split Rock Trading, River1 Asset Management, Rayliant, Strategas, and Alger.

The recurring theme of artificial intelligence (AI) isn't going away soon. Members of the Magnificent Seven, which include household big tech names, saw their earnings boosted along with rosier outlooks thanks to the inclusion of AI in their respective business operations.

The “Magnificent Seven” were at the forefront of 2023's market rally, but the same leader board has done some shifting to start 2024. After an earnings miss, the stock of Tesla faltered, while peers like Microsoft and Apple continue to see higher heights, reaching the $3 trillion club.

The Nasdaq-100 soared over 50% in 2023 and could be poised for more gains in the new year. So traders may want to continue keeping tech-focused ETFs on their radar for bullish plays in 2024.

The top big tech players are vying for dominance when it comes to utilizing artificial intelligence to its fullest capability. Apple is no exception to that, as the iPhone maker's stock recently hit the $71 billion mark.

With the help of Apple gaining almost 50% this year, the Direxion Daily AAPL Bull 1.5X (AAPU) has risen over 70% thanks to the extra 50% leverage inherent in the fund. Apple's strength is also a byproduct of a broader rally in big tech.

With the Nasdaq 100 Index up almost 30% for the year, big tech continues to climb. Apple and Microsoft are two names that are helping big tech's 2023 rally and the S&P 500 Index overall.