Broad-market exchange-traded funds, including IWM and IVV, showed positive movement, while the heavily traded Invesco QQQ Trust (QQQ) experienced an increase of 1%. After midday on Wednesday, US stock indexes reflected gains, particularly in the technology sector, as investors awaited key comments from Federal Reserve Chair Jerome Powell during an event scheduled for the same day.
In the energy sector, the iShares US Energy ETF (IYE) posted a decline of 2.4%, and Energy Select Sector SPDR (XLE) dropped even further, down by 2.6%. Conversely, technology stocks thrived, with the Technology Select Sector SPDR ETF (XLK) rising 1.6%, while iShares US Technology ETF (IYW) climbed 1.8%.
The iShares Expanded Tech Sector ETF (IGM) also performed well, gaining 1.7%. Further showcasing the sector's strength, SPDR S&P Semiconductor (XSD) saw an increase of 0.9%, and iShares Semiconductor (SOXX) gained 1.5%. On the financial front, the Financial Select Sector SPDR (XLF) saw a decrease of 0.5%.
However, Direxion Daily Financial Bull 3X Shares (FAS) experienced a loss of 1.8%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), gained 1.8%. In commodities, crude oil prices fell by 0.7%, and the United States Oil Fund (USO) declined by 1.7%. Meanwhile, natural gas prices rose by 0.5%, but the United States Natural Gas Fund (UNG) recorded a slight dip of 0.2%.
On the metals front, gold prices strengthened by 0.3% on Comex, with SPDR Gold Shares (GLD) seeing a 0.4% upturn. Silver also saw gains, increasing by 1.5%, while iShares Silver Trust (SLV) rose 1.1%. In consumer sectors, Consumer Staples Select Sector SPDR (XLP) experienced a slight decline of 0.5%, along with similar downturns in Vanguard Consumer Staples ETF (VDC) and iShares Dow Jones US Consumer Goods (IYK).
However, the Consumer Discretionary Select Sector SPDR (XLY) edged up by 0.4%, reflecting positive trends alongside retail-focused funds such as VanEck Vectors Retail ETF (RTH) and SPDR S&P Retail (XRT). In the health care sector, Health Care Select Sector SPDR (XLV) added 0.2%, while iShares US Healthcare (IYH) showed an increase of 0.3%.
Vanguard Health Care ETF (VHT) rose by 0.4%, and iShares NASDAQ Biotechnology ETF (IBB) climbed by 0.7%. The industrial sector had mixed results, with Select Sector SPDR-Industrial (XLI) edging up by 0.1%. Vanguard Industrials (VIS) also saw a minor increase of 0.1%, though iShares US Industrials (IYJ) was slightly lower.
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