Broad-market exchange-traded funds IWM and IVV showed positive movement on Thursday as they were higher for the day. The Invesco QQQ Trust (QQQ), which is actively traded, also rose by 0.3%, reflecting a bullish sentiment in the market. Midday trading saw US equity indexes making gains, buoyed by news from China indicating further economic stimulus, which is expected to invigorate global markets.
Additionally, Micron Technology's fiscal Q4 results provided a boost to the artificial intelligence sector, highlighting the ongoing excitement around tech innovations. In the energy sector, the iShares US Energy ETF (IYE) and the Energy Select Sector SPDR (XLE) both experienced a drop, registering a decline of 1.7%.
This downturn in energy-focused funds reflects the ongoing volatility in commodity pricing, particularly in the oil market. Technology-based funds managed to gain traction, with the Technology Select Sector SPDR ETF (XLK) increasing by 0.7%. Furthermore, iShares US Technology ETF (IYW) saw a 0.3% increase, and the iShares Expanded Tech Sector ETF (IGM) rose by 0.6%.
Notably, the semiconductor segment thrived, with the SPDR S&P Semiconductor (XSD) advancing by 2.6% and the iShares Semiconductor (SOXX) climbing 2.2%. This indicates a strong recovery and ongoing investor confidence in technological advancements. In the financial sector, the Financial Select Sector SPDR (XLF) registered a 0.5% increase.
The Direxion Daily Financial Bull 3X Shares (FAS) enjoyed a significant climb of 1.5%, while its bearish counterpart, the Direxion Daily Financial Bear 3X Shares (FAZ), saw a decline of 1.4%. These movements suggest a dynamic response to financial news and the potential for growth in areas perceived as undervalued. Turning to commodities, crude oil prices fell by 2.9%, prompting the United States Oil Fund (USO) to shed 3%.
Natural gas prices dipped by 2.7%, with the United States Natural Gas Fund (UNG) losing 2.4% as well. These fluctuations can be attributed to shifting demand patterns and geopolitical factors affecting energy supplies. On a more positive note, gold saw a slight increase of 0.2% on the Comex, with SPDR Gold Shares (GLD) gaining 0.3%.
Silver also had a good day, rising by 0.8%, with the iShares Silver Trust (SLV) adding 0.5%. This movement may suggest a flight to safety among investors amidst broader market fluctuations. Consumer sectors showed mixed results, with the Consumer Staples Select Sector SPDR (XLP) edging up by 0.1%. The Vanguard Consumer Staples ETF (VDC) remained flat, while the iShares Dow Jones US Consumer Goods (IYK) rose by 0.3%.
Meanwhile, the Consumer Discretionary Select Sector SPDR (XLY) added 0.2%, and retail funds, including the VanEck Vectors Retail ETF (RTH) and SPDR S&P Retail (XRT), also reported growth, reflecting consumer resilience. In the health care arena, the Health Care Select Sector SPDR (XLV) rose by 0.1%, supported by advancements in biotech and healthcare technology.
Both iShares US Healthcare (IYH) and the Vanguard Health Care ETF (VHT) fell into the green, with the iShares NASDAQ Biotechnology ETF (IBB) climbing notably by 1.1%. Lastly, industrial sector funds saw a positive trajectory, with the Select Sector SPDR-Industrial (XLI) rising by 0.6%. Vanguard Industrials (VIS) and iShares US Industrials (IYJ) also posted gains, indicating robust performance in U.S.
manufacturing and infrastructure investments as the market moves forward..