In a volatile trading session, broad-market exchange-traded funds such as IWM and IVV exhibited declines, while the actively traded Invesco QQQ Trust (QQQ) managed a slight uptick of 0.1%. Midday trading on Wednesday revealed a mixed performance in US equity indexes, as investors digested the latest housing market data and witnessed a remarkable rise in gold prices, which achieved a new record high during intraday trading. In the energy sector, both iShares US Energy ETF (IYE) and Energy Select Sector SPDR (XLE) experienced losses of approximately 1.8%, reflecting the ongoing pressures in the commodity markets.
Conversely, the technology sector demonstrated some resilience, with the Technology Select Sector SPDR ETF (XLK) rising by 0.3%. The iShares US Technology ETF (IYW) mirrored this trend, also increasing by 0.3%, while the iShares Expanded Tech Sector ETF (IGM) added 0.2% to its value. However, the SPDR S&P Semiconductor (XSD) showed marginal declines, contrasting with the gain of 0.6% seen in the iShares Semiconductor (SOXX). Turning to the financial sector, the Financial Select Sector SPDR (XLF) faced a downturn of 0.7%.
Direxion Daily Financial Bull 3X Shares (FAS) dropped significantly by 2.1%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), rose by an equal measure of 2.1%, indicating a mixed sentiment among financial investors. In commodities, crude oil took a dip of 2.5%, influencing the performance of the United States Oil Fund (USO), which fell by 2.6%.
Meanwhile, natural gas prices showed signs of recovery, increasing by 1.2%, and the United States Natural Gas Fund (UNG) ticked upwards by 0.4%. Gold prices recorded a modest gain of 0.1% on Comex; however, the SPDR Gold Shares (GLD) saw a decline of 0.5%. Silver faced headwinds as well, dropping by 1%, with the iShares Silver Trust (SLV) taking a larger hit at 1.9% lower. In the consumer sector, the Consumer Staples Select Sector SPDR (XLP) fell 0.1%, while the Vanguard Consumer Staples ETF (VDC) and iShares Dow Jones US Consumer Goods (IYK) also exhibited lower values.
The Consumer Discretionary Select Sector SPDR (XLY) declined by 0.6%, compounded by reductions in retail funds such as the VanEck Vectors Retail ETF (RTH) and SPDR S&P Retail (XRT). The healthcare sector did not escape the bearish trend either, with the Health Care Select Sector SPDR (XLV) down 0.7%.
The iShares US Healthcare (IYH) and Vanguard Health Care ETF (VHT) likewise moved lower, as did the iShares NASDAQ Biotechnology ETF (IBB), which faced a decline of 0.8%. Lastly, in the industrial sector, the Select Sector SPDR-Industrial (XLI) shed 0.2%, with both Vanguard Industrials (VIS) and iShares US Industrials (IYJ) also reporting losses.
Overall, the market landscape remains complex as investors navigate the myriad factors at play. The key indices highlighted include $US30 and $US500..