The tech sector's tentative rebound, led by Apple's reassuring guidance, is providing a modest lift to the S&P 500, despite ongoing challenges such as declining iPhone sales and geopolitical uncertainties involving Nvidia. Broader market sentiment remains cautious, with investors increasingly turning to European equities and value stocks as safer bets amid concerns over the overvaluation of big tech stocks. The shift in investor focus is evident as the equal-weighted S&P 500 outperforms its cap-weighted counterpart, highlighting a move towards more diversified market opportunities.
The MAX S&P 500 4X Leveraged ETN (SPYU) has responded positively to these developments, rising 2.70% to $52.80 as of 10:40 AM on Friday, January 31.