Tanker fund gains 12% as crude falls and Dell, HPE rally
The Breakwave tanker-freight ETF rose 11.8% on Friday, September 11, 2026, as Dell and Hewlett Packard Enterprise gained about 12% and junior uranium miners fell 5.6%.
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Oil-tanker freight paid 11.8% on Friday. Crude did not.
Amplify's tanker-freight fund BWET rose for a second straight double-digit session, to $726.92. WTI crude was at $100.08, down 2.3%, as of 4:49 p.m. ET. The S&P 500 closed at 7,655.50, up 0.84%, after August consumer prices rose 0.4% and gasoline 3.9%. The VIX fell 11.2% to 15.84. The Nasdaq Composite gained 0.96% to 26,333.04, the Dow 0.98% to 52,573.29, and the Russell 2000 0.45%.
Tanker freight paid; the barrel did not
BWET holds forward freight agreements, mostly the Middle East-to-China crude route. It gained 11.4% on Thursday and 11.8% on Friday, 25% in two sessions, and finished 2.2% under its 52-week high of $743.57. Yemeni officials said Friday that Houthi forces had taken Perim Island, the rock that splits the Bab al-Mandeb into two shipping lanes. That report came after Thursday's 11.4% gain.
Oil funds went the other way. The Brent futures fund BNO fell 2.8% to $61.37, giving back part of Thursday's 6.4% jump. The WTI fund USO lost 2.2%. Invesco's oil fund DBO dropped 2.6%. Energy producers in XLE closed 0.3% higher.
Tanker freight gained 11.8% as oil futures funds fell
- +12%
- −2.6%
- −2.8%
Freight led. Uranium miners and the short-term VIX fund took the losses.
Spot ether funds ETH, ETHA, and FETH each gained 3.2%, as did the bitcoin-mining fund WGMI. ETHA is still down 15% this year.
EWY rose 3.2% to $188.72 after Thursday's 4.2% drop. The KOSPI had already closed 1.8% lower overnight. SK Hynix is 25% of the fund, Samsung Electronics 22%.
Super Micro Computer rose 7.3% to $40.10, and SMCY captured 6.3%. Moderna rose 5.4% to $143.97; MRNY gained 4.7%.
Dell and HPE rebound
Hewlett Packard Enterprise jumped 12.4% to $62.09. Dell Technologies gained 11.9% to $567.14, a tick under its 52-week high of $567.75, and is up 351% this year on price. HP Inc. added 8.4% to $35.48. Dell had fallen 5.3% on Thursday; HPE, 6.2%.
Oracle, reporting Thursday, posted fiscal first-quarter revenue of $19.3 billion against a $19.1 billion estimate and EPS of $1.92 against $1.74. RBC Capital Markets initiated coverage of Dell at Outperform. The semiconductor funds SOXX and SMH rose 1.9% and 1.5%.
The day's biggest single-stock moves sat outside the S&P 500. ACV Auctions, the wholesale vehicle marketplace, closed at $10.41, up 44%, after Copart agreed Thursday to pay $10.50 a share in cash. Frequency Electronics rose 42% to $88.38 after an earnings beat.
Uranium, NuScale and the VIX
NuScale Power, the small-modular-reactor company, fell 15.7% to $8.60 after UBS cut it to Sell from Neutral and lowered its price target to $6 from $10. It is a 4.8% holding in NLR and 3.2% in the uranium fund URA, which dropped 3.3%. That does not explain the junior miners. URNJ does not hold NuScale. Paladin Energy, Denison Mines and NexGen Energy are 38% of the fund. Denison fell 6.5% to $3.02, Energy Fuels 4.9% to $12.96, and NexGen 3.5% to $9.85. The junior-miners fund fell 5.6% to $23.22, a second straight 5% session, and sits 43% below its 52-week high. URNM lost 4.1%.
VIXY fell 4.7% to $17.30, reversing Thursday's 3.4% rise as the VIX dropped back. Five days still leave it slightly positive.
Five sessions put BWET up 46%. BNO is still up 9.8% over the same stretch, Friday included.
Frequently asked
Why did tanker freight rise while oil fell?
The fund holds forward freight agreements, mostly on the Middle East-to-China crude route, and Yemeni officials said Houthi forces had taken Perim Island, the rock that splits the Bab al-Mandeb into two shipping lanes.
Did the news explain the whole move?
No, the report came after Thursday's 11.4% gain, the first of the two double-digit sessions.
What pushed Dell and HPE higher?
Both rebounded from Thursday declines after Oracle beat on revenue and earnings, and RBC initiated coverage of Dell at Outperform.
Was NuScale's downgrade behind the uranium selloff?
Not for the junior miners, which do not hold NuScale; Denison, Energy Fuels and NexGen all fell on their own.