Wall Street offered a muted performance last week. The S&P 500 lost 0.1%, the Dow Jones added 2.5%, and the Nasdaq Composite retreated 1.8%. The key event of the week was the tech stock rout. Wall Street has been skeptical about software stocks in recent times, but a phase of outright panic hit last week.
Traders dumped shares across the sector as fears mount that artificial intelligence (AI) could fundamentally disrupt software-as-a-service (SaaS) business models.The anxiety intensified on Feb. 3, 2026, after AI startup Anthropic unveiled a productivity tool aimed at in-house lawyers. The announcement triggered a sharp selloff in legal software and publishing stocks, per Bloomberg, as quoted on Yahoo Finance.
Meanwhile, six out of all Mag 7 members have reported their Q4 results, with just NVDA remaining. Alphabet and Amazon reported last week.Amazon missed EPS estimates, but the business is otherwise in great shape.
Amazon plans to spend $200 billion in capital expenditures in 2026, up from $132 billion in 2025 and $83 billion in 2024. While Amazon remains the cloud leader, the Alphabet report showed accelerating momentum at the search giant’s Google Cloud business (read: Amazon Drops on Mixed Q4 & Capex Outlook: Buy the Dip With ETFs?).
In a nutshell, combining the actual results for the six Magnificent 7 members that have reported already along with estimates for Nvidia, total Q4 earnings for the group are expected to be up 24.2% from the same period last year on 18.9% higher revenues, which would follow the group’s 28.3% earnings growth on 18.1% revenue growth in 2025 Q3, per Zacks Earnings Trends.
Against this backdrop, below we highlight the winning leveraged ETFs of last week.
Tradr 2X Long LITE Daily ETF LITX – Up 79.5%
Lumentum Holdings Inc LITE stock surged 36.3% last week on the earnings strength. Lumentum’s Q1 2026 revenues rose 58% year over year to $533.8 million, topping estimates by 1.43%. Non-GAAP EPS of $1.10 beat the Zacks Consensus Estimate by 6.8%, driven by AI and cloud strength. The company offered an upbeat outlook, too.
Tradr 2X Long ENPH Daily ETF ENPX – Up 67.7%
Enphase Energy ENPH shares rose 35.8% last week. Enphase last weekreported fourth-quarter 2025 adjusted earnings of 71 cents per share, which topped the Zacks Consensus Estimate of 54 cents by 31.5%.Enphase Energy’s fourth-quarter revenues of $343.3 million beat the Zacks Consensus Estimate of $335 million by 2.6%.
Tradr 2X Short IREN Daily ETF IREZ – Up 37.1%
