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Exchange-Traded Funds Fall as US Equities Drop Midday on Labor Data, Iran Tumult

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Broad Market Indicators

Broad-market exchange-traded funds IWM and IVV fell. Actively traded Invesco QQQ Trust (QQQ) eased 0.1%.

US equity indexes fell Thursday as investors weighed labor data and Iran's response to a Washington proposal to restart peace talks.

Energy

IShares US Energy ETF (IYE) fell 2% and the State Street Energy Select Sector SPDR (XLE) dropped 1.9%.

Technology

The State Street Technology Select Sector SPDR ETF (XLK) fell 0.1%; iShares US Technology ETF (IYW) climbed 0.1%, and iShares Expanded Tech Sector ETF (IGM) fell 0.3%.

The State Street SPDR S&P Semiconductor (XSD) shed 1.6%, and iShares Semiconductor (SOXX) lost 2.5%.

Financial

The State Street Financial Select Sector SPDR (XLF) fell 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) dropped 1.3%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), gained 1.1%.

Commodities

Crude oil rose 0.7%, and the United States Oil Fund (USO) gained 0.1%. Natural gas and the United States Natural Gas Fund (UNG) each increased 2.4%.

Gold on Comex rose 0.6%, and the State Street SPDR Gold Shares (GLD) advanced 0.4%. Silver jumped 4%, and iShares Silver Trust (SLV) gained 3%.

Consumer

The State Street Consumer Staples Select Sector SPDR (XLP) decreased 0.5%. The Vanguard Consumer Staples ETF (VDC) shed 0.4%, and iShares Dow Jones US Consumer Goods (IYK) declined 0.6%.

The State Street Consumer Discretionary Select Sector SPDR (XLY) was little changed. VanEck Retail ETF (RTH) fell 0.7%, and the State Street SPDR S&P Retail (XRT) declined 1.4%.

Health Care

The State Street Health Care Select Sector SPDR (XLV) fell 0.8%, iShares US Healthcare (IYH) dropped 1%, and Vanguard Health Care ETF (VHT) declined 1.1%. IShares Biotechnology ETF (IBB) tumbled 2.8%.

Industrial

The State Street Industrial Select Sector SPDR (XLI) lost 1.1%. Vanguard Industrials Index Fund (VIS) dropped 1.2% and iShares US Industrials (IYJ) shed 0.7%.

Cryptocurrency

In midday activity, bitcoin (BTC-USD) declined 2.2%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) fell 2.1%, ProShares Ether ETF (EETH) dipped 2.6%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 2.4% lower.

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Exchange-Traded Funds Rise as US Equities Climb After Midday

Broad Market IndicatorsBroad-market exchange-traded fund IWM and IVV rose. Actively traded Invesco QQQ Trust (QQQ) gained 1.5%.US equity indexes rose after midday Wednesday on growing expectations of a US peace deal with Iran and stronger quarterly earnings in the technology sector.EnergyIShares US Energy ETF (IYE) fell 3.8% and the State Street Energy Select Sector SPDR (XLE) slumped 4%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) rose 1.6%; iShares US Technology ETF (IYW) climbed 2.2%, and iShares Expanded Tech Sector ETF (IGM) gained 1.4%.The State Street SPDR S&P Semiconductor (XSD) gained 1.3%, and iShares Semiconductor (SOXX) gained 3.2%.FinancialThe State Street Financial Select Sector SPDR (XLF) rose 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) climbed 1.4%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), declined 1.5%.CommoditiesCrude oil tumbled 6.2%, and the United States Oil Fund (USO) shed 6.9%. Natural gas fell 2.1%, and the United States Natural Gas Fund (UNG) dropped 1.5%.Gold on Comex and the State Street SPDR Gold Shares (GLD) each rose 2.8%. Silver jumped 5.6%, and iShares Silver Trust (SLV) gained 5.3%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) eased 0.3%. The Vanguard Consumer Staples ETF (VDC) shed 0.5%, and iShares Dow Jones US Consumer Goods (IYK) declined 0.3%.The State Street Consumer Discretionary Select Sector SPDR (XLY) gained 1.4%. VanEck Retail ETF (RTH) eased 0.4%, and the State Street SPDR S&P Retail (XRT) rose 0.7%.Health CareThe State Street Health Care Select Sector SPDR (XLV) fell 0.2%, iShares US Healthcare (IYH) gained 0.1%, and Vanguard Health Care ETF (VHT) was little changed. IShares Biotechnology ETF (IBB) gained 1.6%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) added 2.1%. Vanguard Industrials Index Fund (VIS) and iShares US Industrials (IYJ) also rose.CryptocurrencyIn midday activity, bitcoin (BTC-USD) rose 0.1%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) fell fractionally, ProShares Ether ETF (EETH) dipped 0.5%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 0.4% lower.

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Asia Markets

Swiss Market Index Rallies; Alcon, Logitech Shares Fall

The Swiss Market Index remained in the green on Wednesday, closing 1.77% higher, amid renewed hopes that the war in the Middle East will soon end.The US and Iran are said to be close to reaching an agreement on a one-page, 14-point memorandum of understanding to end the war, multiple media outlets including Axios and Reuters reported, citing sources. Meanwhile, in a post on the Truth Social platform, US President Donald Trump said if Iran "agrees to give what has been agreed to," the war and blockade will end, warning that the bombing would start "at a much higher level and intensity than it was before" if an agreement is not reached.Back home, Switzerland's private sector saw an improvement in April, with the KOF Business Situation Indicator rising to 18.3 from 16.6 in the previous month."The Business Situation Indicator for the manufacturing sector has fully recovered from its decline in March. The indicator is rising even more sharply in the project engineering sector and, more moderately, in the wholesale trade. Other services and the retail trade are also showing modest upturns," the KOF Swiss Economic Institute said. "However, the business outlook for the next six months is generally becoming more subdued - particularly in the hospitality sector, the wholesale trade and manufacturing."Over to corporates, Logitech International (LOGN.SW) fiscal 2026 net income rose on a yearly basis to $711.2 million, compared with $631.5 million, while net sales grew to $4.84 billion from $4.55 billion. The Swiss computer peripherals and software company's shares were down 0.40% at the end of the trading session.Swiss eye care products group Alcon (ALC.SW) also saw its shares fall 10.96% at closing as first-quarter net income plunged year over year to $189 million from $350 million. Operating income dropped 38% to $292 million, dented by costs associated with efficiency initiatives, impairment charges related to an intangible asset, and incremental tariffs. Net sales, on the other hand, increased over the period."Despite having a dominant position in its target markets, Alcon's investment case hinges on margin expansion, which entails execution risks. The ophthalmology market growth, though sticky to a material extent, remains capped at around a mid-single digit percentage. As a result, we expect Alcon to chase inorganic growth in the quarters/years ahead, especially considering the termination of proposed acquisition of STAAR Surgical in January 2026," analysts at AlphaValue/Baader Europe said in a note. "While we currently have a 12% upside on Alcon, one may want to wait for more of a correction in the share price for lucrative returns."

^SSMI$ALC.SW$LOGN.SW
Asia Markets

UK Shares Rally on Potential End to War; Smith & Nephew Shares Fall

London's FTSE 100 closed 2.15% higher on Wednesday on signs of a potential US-Iran deal to end the war, while expansion across the UK's private sector accelerated."Trump announced a temporary pause to 'Project Freedom,' a naval operation in the Strait of Hormuz, indicating a potential de-escalation. Oil prices declined following the announcement and continued to fall overnight, driven by expectations of progress toward a peace deal with Iran, as hinted by Trump. Trump's upcoming visit to China adds further complexity, given Beijing's close ties with Tehran and its economic reliance on oil transit through the strait," Danske Bank said.Back home, Britain's private sector output growth accelerated in April, indicating a moderate rise in manufacturing production and in services sector activity, data from S&P Global showed. The seasonally adjusted S&P Global UK PMI Composite Output Index rose to 52.6 from 50.3 in March. The flash estimate stood at 52."[This] improvement could easily prove short-lived as new business intakes remained subdued in comparison to the start of 2026," S&P Global Market Intelligence Economics Director Tim Moore said. "Survey respondents widely noted that the Middle East conflict and subsequent global supply chain disruptions had weighed heavily on business and consumer confidence."In corporate news, alcoholic beverage company Diageo (DGE.L) climbed 6.34% after affirming its fiscal 2026 guidance and logging a 2.3% yearly increase in net sales for the fiscal third quarter ended March 31 to $4.48 billion."While the spirits environment remains challenging, particularly in the US, Diageo's refreshed strategy and increased reinvestment should support a medium-term growth acceleration, we believe," BofA Global Research said. "The US remains a key headwind, with limited visibility on the timing and pace of a recovery, but performance elsewhere in the group is solid. We see further upside from accelerated deleveraging."On the downside, medical device manufacturer Smith & Nephew (SN.L) dropped 3.58% after launching a $500 million share repurchase program, maintaining its outlook for full-year 2026, and posting growth in first-quarter revenue to $1.50 billion from $1.41 billion."We expect investors to be incrementally reassured by the in-line revenue delivery in Q1 and the $500m share buyback programme. However, we do not see these results as materially de-risking 2026 guidance at this stage, and we continue to see potential downside to guidance in future periods," RBC Capital Markets said.

FTSE 100$DGE.L$SN.L