Broad-market exchange-traded funds IWM and IVV showed an upward trend, with the actively traded Invesco QQQ Trust (QQQ) gaining 0.6%. In the US equity market, indexes experienced a rise amid fluctuating trading conditions as investors grappled with the most significant drop in consumer confidence in over three years.
This decline is coupled with Federal Reserve Governor Michelle Bowman's renewed emphasis on a careful and gradual approach to easing monetary policy, reflecting a delicate balance in the current economic landscape. In the Energy sector, both iShares US Energy ETF (IYE) and Energy Select Sector SPDR (XLE) registered a slight decline of approximately 0.1%.
Conversely, in the Technology sector, the Technology Select Sector SPDR ETF (XLK) saw an increase of 0.8%. Similarly, iShares US Technology ETF (IYW) and iShares Expanded Tech Sector ETF (IGM) both added 0.8% and 0.6%, respectively. The SPDR S&P Semiconductor (XSD) experienced a climb of 0.9%, while the iShares Semiconductor (SOXX) noted a 1.3% gain. Shifting to the Financial sector, the Financial Select Sector SPDR (XLF) fell by 1.1%.
Direxion Daily Financial Bull 3X Shares (FAS) faced a more considerable drop of 3.4%, contrasting with its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), which rose by 3.4%. In the Commodities market, crude oil prices increased by 1.3%, with the United States Oil Fund (USO) rising by 1.2%.
On the other hand, natural gas prices dipped by 0.5%, with the United States Natural Gas Fund (UNG) edging down by 1.5%. In precious metals, gold gained 0.8% on Comex, and SPDR Gold Shares (GLD) rose by 1%. Silver prices surged by 3.9%, with iShares Silver Trust (SLV) adding a significant 4.9%. Consumer-related funds displayed mixed outcomes, with Consumer Staples Select Sector SPDR (XLP) dropping by 0.2%.
Both Vanguard Consumer Staples ETF (VDC) and iShares Dow Jones US Consumer Goods (IYK) also experienced losses. However, the Consumer Discretionary Select Sector SPDR (XLY) rose by 0.4%, alongside gains in retail funds such as VanEck Vectors Retail ETF (RTH) and SPDR S&P Retail (XRT). In the Health Care sector, the Health Care Select Sector SPDR (XLV) declined by 0.2%, with iShares US Healthcare (IYH) and Vanguard Health Care ETF (VHT) also reporting lower performances.
The iShares NASDAQ Biotechnology ETF (IBB) noted a 0.5% decline. Finally, in the Industrial sector, the Select Sector SPDR-Industrial (XLI) rose by 0.6%. The Vanguard Industrials (VIS) showed mixed results, with iShares US Industrials (IYJ) trading lower. Overall, the market continues to show signs of resilience, navigating through the challenges posed by declining consumer confidence and potential adjustments in monetary policy..