Despite Friday’s sharp sell-off, some stocks and ETFs managed to shine.
GameStop - GameStop jumped 11.3% after CEO Ryan Cohen increased his stake in the videogame retailer. Cohen purchased 500,000 shares on Thursday at $21.55 a share, according to a regulatory filing. The purchase increased Cohen’s stake in GameStop to about 8.4% of the shares outstanding. GameStop shares fell 7% on Thursday.
Novavax - Novavax shares rallied 11.4% on Friday, snapping an eight-day losing streak. Federal drug regulators have missed the deadline for making a key decision regarding a Covid-19 vaccine from Novavax, days after the Food and Drug Administration’s vaccine chief was pushed out.
Some Retailers - Some retailers stocks rallied Friday following President Donald Trump announcing that Vietnam, a key supplier for many companies, could be set to negotiate an escape from the president's 46% tariffs on the country.
While China hiked tariffs Friday on U.S. goods by 34% starting in April, Vietnam could be coming to the negotiating table with the Trump White House. The president posted to Truth Social Friday that Vietnam is ready to "cut their tariffs down to zero if they are able to make an agreement with the U.S."
Victoria's Secret rose 14%; Kohl's rose 8%; Gap rose 7%; On Holding, Crocs, and American Eagle Outfitters rose 5%; Wayfair rose 4%; PVH Corp, Lululemon, and Nike rose 3%; Canada Goose, Target, and Foot Locker rose 2%.
Long VIX ETFs - The VIX index, which shows the equity market's expectations for 30-day volatility and is often called Wall Street's "fear gauge," soared almost 51%, the highest since October 2020, after China imposed retaliatory tariffs on the U.S.
Long VIX-related ETFs surged on Friday. UVIX rose 39%; UVXY rose 29%; VIXY and VXX rose 20%; VXZ rose 6%.
Direxion Daily FTSE China Bear 3X Shares (YANG) surged 21% on Friday as Chinese ADRs and ETFs slumped after Beijing hit back at trump’s tariffs.
Inverse ETFs - With the US stock market crashing, several inverse ETFs surged. SOXS rose 24%; SQQQ and SPXU rose 18%; SDOW rose 17%; SRTY rose 14%; QID and SDS rose 12%; DXD rose 11%.
Some inverse ETFs of major tech stocks also rose on Friday. TSDD, TSLQ and TSLZ rose 21%; NVD rose 15%; NVDS and TSLS rose 11%; NVDD rose 8%; AAPD rose 7%; METD rose 5%; AMZD, MSFD, and GGLS rose 4%.
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