Broad-market exchange-traded funds IWM and IVV experienced declines during mid-day trading. The actively traded Invesco QQQ Trust (QQQ) saw a notable drop of 2.5%. As investors grappled with the implications of recent labor market data amidst a shifting landscape of tariffs, US equity indexes along with most government bond yields fell further.
In the energy sector, the iShares US Energy ETF (IYE) and the Energy Select Sector SPDR (XLE) both suffered losses of about 0.8%. The technology sector faced similar struggles, with the Technology Select Sector SPDR ETF (XLK) dropping 2.5%, while both the iShares US Technology ETF (IYW) and iShares Expanded Tech Sector ETF (IGM) also exhibited declines.
The SPDR S&P Semiconductor (XSD) took a significant hit, down 3.2%, while the iShares Semiconductor (SOXX) lost 3.9%. Financial markets echoed this trend; the Financial Select Sector SPDR (XLF) fell by 1.8%. Notably, the Direxion Daily Financial Bull 3X Shares (FAS) dipped 5.6%, whereas its bearish counterpart, the Direxion Daily Financial Bear 3X Shares (FAZ), gained 5.5%.
Commodities also reflected a downturn as crude oil prices slipped by 0.1%, and the United States Oil Fund (USO) fell 0.2%. Natural gas saw a more drastic reduction of 3.1%, with the United States Natural Gas Fund (UNG) following suit, dropping 3.7%. In the precious metals market, gold shed less than 0.1% on Comex, while the SPDR Gold Shares (GLD) declined by 0.2%.
On the other hand, silver managed a slight gain of 0.2%, with the iShares Silver Trust (SLV) experiencing minimal upward movement. The consumer sector was not spared either, as the Consumer Staples Select Sector SPDR (XLP) lost 0.2%, and the Vanguard Consumer Staples ETF (VDC) alongside iShares Dow Jones US Consumer Goods (IYK) also exhibited declines.
Meanwhile, the Consumer Discretionary Select Sector SPDR (XLY) dipped by 2.2%, with the retail fund VanEck Vectors Retail ETF (RTH) down 0.3%, and the SPDR S&P Retail (XRT) declining by 0.5%. In health care, the Health Care Select Sector SPDR (XLV) fell 0.9%, and both the iShares US Healthcare (IYH) and the Vanguard Health Care ETF (VHT) witnessed declines.
The iShares Biotechnology ETF (IBB) ended the day down 0.8%. Finally, in the industrial sector, the Select Sector SPDR-Industrial (XLI) dropped 1.3%, with both Vanguard Industrials (VIS) and iShares US Industrials (IYJ) trending lower. Overall, market sentiments remain cautious as labor market trends and tariff adjustments continue to evolve and affect various sectors..