Exchange-Traded Funds Trend Lower as US Equities Drop After Midday

MT Newswires Live
Nov 08

Broad Market Indicators

Broad-market exchange-traded funds IWM and IVV fell. Actively traded Invesco QQQ Trust (QQQ) was down 1.6%.

US equity indexes fell amid a sell-off in technology, communication services, and consumer discretionary companies, after a preliminary November reading of the Michigan consumer sentiment index sank to the second-lowest on record.

Energy

iShares US Energy ETF (IYE) and the Energy Select Sector SPDR (XLE) each added 0.9%.

Technology

Technology Select Sector SPDR ETF (XLK) slipped 2%; iShares US Technology ETF (IYW) and iShares Expanded Tech Sector ETF (IGM) also edged lower.

SPDR S&P Semiconductor (XSD) was down 4.8%, and iShares Semiconductor (SOXX) fell 3.4%.

Financial

The Financial Select Sector SPDR (XLF) declined 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) fell 0.4%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), climbed 0.4%.

Commodities

Crude oil was fractionally lower, and the United States Oil Fund (USO) added 0.3%. Natural gas was little changed, and the United States Natural Gas Fund (UNG) lost 1%.

Gold on Comex added 0.5%, and SPDR Gold Shares (GLD) gained 0.6%. Silver rose 0.2%, and iShares Silver Trust (SLV) was up 0.6%.

Consumer

Consumer Staples Select Sector SPDR (XLP) climbed 1.3%. The Vanguard Consumer Staples ETF (VDC) and iShares Dow Jones US Consumer Goods (IYK) advanced as well

Consumer Discretionary Select Sector SPDR (XLY) slipped 0.7%. VanEck Retail ETF (RTH) was up 0.1%, and SPDR S&P Retail (XRT) gained 0.5%.

Health Care

Health Care Select Sector SPDR (XLV) was down 0.5%, and iShares US Healthcare (IYH) and Vanguard Health Care ETF (VHT) declined as well; iShares Biotechnology ETF (IBB) was down 1.6%.

Industrial

Industrial Select Sector SPDR (XLI) shed 0.3%. Vanguard Industrials Index Fund (VIS) and iShares US Industrials (IYJ) edged lower as well.

Cryptocurrency

In midday activity, bitcoin (BTC-USD) was up 1.4%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) added 1.8%, ProShares Ether ETF (EETH) rose 2.5%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) gained 0.2%.

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