Broad-market exchange-traded funds IWM and IVV exhibited a mixed performance, with IVV slightly higher. The actively traded Invesco QQQ Trust (QQQ) experienced a rise of 0.7%. US equity indexes managed to reach new intraday record highs in anticipation of the Federal Reserve's monetary policy announcement and Chairman Jerome Powell's press briefing.
Investors are particularly focused on gleaning insights regarding the future trajectory of interest rates. In the energy sector, the iShares US Energy ETF (IYE) saw a decline of 0.3%, while the Energy Select Sector SPDR (XLE) shed 0.4%. The technology sector demonstrated notable strength, as the Technology Select Sector SPDR ETF (XLK) increased by 1.4%.
Additionally, both iShares US Technology ETF (IYW) and iShares Expanded Tech Sector ETF (IGM) reported gains. The SPDR S&P Semiconductor (XSD) saw an addition of 1.4%, and the iShares Semiconductor (SOXX) was up by 2%. Within the financial realm, the Financial Select Sector SPDR (XLF) dipped by 1.3%.
The Direxion Daily Financial Bull 3X Shares (FAS) experienced a larger drop of 4%, whereas its bearish counterpart, the Direxion Daily Financial Bear 3X Shares (FAZ), climbed by 3.6%. In commodities, crude oil prices increased by 1.2%, with the United States Oil Fund (USO) rising by 1.1%. However, natural gas saw a dip of 2.1%, and the United States Natural Gas Fund (UNG) lost 2.3%.
Gold prices appreciated by 1.1% on Comex, while SPDR Gold Shares (GLD) gained 1.3%. Silver’s value rose by 1.9%, and the iShares Silver Trust (SLV) increased by 1.8%. On the consumer front, the Consumer Staples Select Sector SPDR (XLP) rose by 0.7%. Both the Vanguard Consumer Staples ETF (VDC) and iShares Dow Jones US Consumer Goods (IYK) saw upward movement.
The Consumer Discretionary Select Sector SPDR (XLY) also edged higher by 1.3%. The retail fund VanEck Vectors Retail ETF (RTH) climbed 1.7%, while SPDR S&P Retail (XRT) gained 0.9%. In health care, the Health Care Select Sector SPDR (XLV) reported a rise of 0.6%. Both iShares US Healthcare (IYH) and the Vanguard Health Care ETF (VHT) were trending upward.
The iShares NASDAQ Biotechnology ETF (IBB) also gained, adding 1.1%. The industrial sector, however, saw a decline, with the Select Sector SPDR-Industrial (XLI) falling by 0.4%. The Vanguard Industrials (VIS) and iShares US Industrials (IYJ) also reported losses. Overall, market dynamics reflect a cautious optimism as investors await further guidance from the Federal Reserve..