On Wednesday, broad-market exchange-traded funds, IWM and IVV, experienced an increase, while the actively traded Invesco QQQ Trust (QQQ) saw a decline of 0.2%. US benchmark stock indexes showed a positive trend amidst a surge of quarterly earnings releases, coupled with investor reactions to a weaker-than-expected advance estimate for Q3 economic growth. In the energy sector, the iShares US Energy ETF (IYE) recorded a gain of 0.4%, and the Energy Select Sector SPDR (XLE) rose by 0.3%.
Technology stocks faced pressure as the Technology Select Sector SPDR ETF (XLK) fell nearly 1%. Other ETFs such as the iShares US Technology ETF (IYW) and iShares Expanded Tech Sector ETF (IGM) also displayed minor declines of 0.4% and 0.3%, respectively. In the semiconductor space, both the SPDR S&P Semiconductor (XSD) and iShares Semiconductor (SOXX) experienced a downturn of 3%. The financial sector showed some resilience with the Financial Select Sector SPDR (XLF) increasing by 0.8%.
The Direxion Daily Financial Bull 3X Shares (FAS) gained 2%, while its bearish counterpart, the Direxion Daily Financial Bear 3X Shares (FAZ), dropped by 2%. In the commodities market, crude oil prices rose by 2.1%, matching the performance of the United States Oil Fund (USO). Natural gas prices fell by 1%, while the United States Natural Gas Fund (UNG) echoed this decline.
Gold prices increased by 0.6% on Comex, with SPDR Gold Shares (GLD) registering a 0.5% uptick. Conversely, silver fell by 1%, and the iShares Silver Trust (SLV) decreased by 1.7%. Consumer staple stocks showed mixed results, with the Consumer Staples Select Sector SPDR (XLP) declining by less than 0.1%.
The Vanguard Consumer Staples ETF (VDC) fluctuated, while the iShares Dow Jones US Consumer Goods (IYK) saw a slight rise. The consumer discretionary sector saw an uptick with the Consumer Discretionary Select Sector SPDR (XLY) climbing 0.5%. The retail fund, VanEck Vectors Retail ETF (RTH), experienced a marginal increase, and SPDR S&P Retail (XRT) added 0.4%. In the healthcare sector, the Health Care Select Sector SPDR (XLV) decreased by 0.6%.
The iShares US Healthcare (IYH) and Vanguard Health Care ETF (VHT) followed suit with downward trends. The iShares NASDAQ Biotechnology ETF (IBB), however, managed a gain of 0.3%. In industrials, the Select Sector SPDR-Industrial (XLI) moved up by 0.1%. Vanguard Industrials (VIS) and iShares US Industrials (IYJ) also posted gains of 0.2% and 0.5%, respectively. The markets are reflecting a complex interplay of sector performances amidst earnings reports, providing investors with various insights into potential opportunities..