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Wall Street delivered a mixed-to-downbeat performance last week. The S&P 500 gained 0.3%, while the Dow Jones lost 1.14% and the Nasdaq Composite retreated 0.6%. The week was marked by events like Powell’s remarks about a possible stagflation in the U.S. economy, speculation over an administrative windfall for auto stocks following Trump’s similar moves in the electronics sector, upbeat retail due to possible front-loading and NVIDIA’s $5.5 billion setback due to the U.S. government’s export restrictions on China.
Fed Pauses Rate Hike Amid Stagflation Risks
Federal Reserve Chairman Jerome Powell said last week that the central bank will "wait for greater clarity" before making any interest rate changes. This cautious approach comes as President Trump’s newly announced tariffs are expected to lead to "higher inflation and slower growth" — an economic condition known as stagflation (read: Fed Pause Amid Stagflation Risks? Smart ETF Moves to Follow).
Auto ETFs Rise on Hopes of Tariff Exemptions
After electronics, the windfall is now shifting to autos. Shares of major automakers rose on April 14, 2025, after President Donald Trump signaled potential relief for car companies impacted by the recent 25% tariffs on imported vehicles. Before this, the government indicated some temporary tariff relief for electronic products (read: Auto ETFs Rise on Hopes of Tariff Exemptions).
Upbeat March Retail Sales
The advanced estimate of retail sales showed an increase of 1.4% in the month, better than the 1.2% Dow Jones estimate and higher than the 0.2% increase in February. The year-over-year rise was 4.6%, while the monthly increase was the biggest since January 2023. Excluding autos, the numbers also were stronger than expected, with sales up 0.5% compared with the 0.3% increase forecast.
NVIDIA’s $5.5 Billion Hit
Shares in NVIDIA lost 6.7% last week after the computer chip giant said it would be hit by $5.5 billion (£4.2bn) in costs due to the U.S. government’s tightening of rules for export to China. The news weighed on the broader tech sector, causing the Nasdaq-100 ETF QQQ to lose 0.3% last week.
Against this backdrop, below we highlight a few winning exchange-traded funds (ETFs) of last week.
ETFs in Focus
Roundhill Cannabis ETF WEED – Up 18.7%
The Roundhill Cannabis ETF is designed to offer investors exposure to the cannabis sector. A recent survey conducted by Fabrizio, Lee & Associates—a GOP-aligned polling firm with ties to President Donald Trump—reveals that a majority of Republicans back a variety of cannabis reforms. Notably, GOP voters are even more likely than the average voter to support letting states legalize marijuana without federal interference.