Broad-market exchange-traded funds IWM and IVV dipped on Thursday, reflecting a downtrend in the broader market. The Invesco QQQ Trust (QQQ) saw a significant decline of 2% after the results from tech giants Microsoft ($MSFT) and Meta Platforms ($META) did not meet market expectations. As this unfolded, US equity indexes fell while most government bond yields increased, as investors continued to gauge the Federal Reserve's preferred inflation data. In the energy sector, the iShares US Energy ETF (IYE) experienced a modest increase of 0.6%, and the Energy Select Sector SPDR (XLE) rose by 0.5%, signaling some resilience amidst the broader market dip. In technology, however, declines were notable.
The Technology Select Sector SPDR ETF (XLK) decreased by 2.8%, while the iShares US Technology ETF (IYW) mirrored this decline with a drop of 2.8%. Additionally, the iShares Expanded Tech Sector ETF (IGM) fell by 2.6%. The situation worsened for the semiconductor sector, where the SPDR S&P Semiconductor (XSD) plummeted by 4.5%, and the iShares Semiconductor (SOXX) shed 4%. Turning to financials, the Financial Select Sector SPDR (XLF) dipped by 0.6%.
The Direxion Daily Financial Bull 3X Shares (FAS) fell 1.8%, contrasting with its bearish counterpart, the Direxion Daily Financial Bear 3X Shares (FAZ), which appreciated by 1.8%. In commodities, crude oil saw a slight rebound, rising by 0.8%, while the United States Oil Fund (USO) added 0.3%. Natural gas, however, faced challenges; it shed 4%, and the United States Natural Gas Fund (UNG) fell 3.8%.
Gold prices fell by 1.8% on Comex, leading to a 1.7% decline for SPDR Gold Shares (GLD). Silver also fell sharply, down 3.9%, with the iShares Silver Trust (SLV) decreasing by 3.4%. Consumer sector trends had mixed results. The Consumer Staples Select Sector SPDR (XLP) ticked up slightly by 0.2%, while both the Vanguard Consumer Staples ETF (VDC) and iShares Dow Jones US Consumer Goods (IYK) moved higher.
Conversely, the Consumer Discretionary Select Sector SPDR (XLY) edged down 1%, with the retail-focused VanEck Vectors Retail ETF (RTH) dipping 0.6%, and the SPDR S&P Retail (XRT) following suit with a minor decrease of 0.1%. In the health care sector, the Health Care Select Sector SPDR (XLV) fell by 0.4%, alongside declines in the iShares US Healthcare (IYH) and Vanguard Health Care ETF (VHT).
The iShares NASDAQ Biotechnology ETF (IBB) also recorded a decline of 1.1%. Lastly, in the industrial sector, the Select Sector SPDR-Industrial (XLI) retreated by 0.8%, with both Vanguard Industrials (VIS) and iShares US Industrials (IYJ) experiencing similar downturns..