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Exchange-Traded Funds Mixed, US Equities Decline After Midday

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Broad Market Indicators

Broad-market exchange-traded fund IWM edged higher and IVV fell. Actively traded Invesco QQQ Trust (QQQ) shed 0.5%.

US equity indexes fell, pressured by higher crude oil and Treasury yields, amid concern that Iran's nuclear ambitions could breach President Donald Trump's red lines.

Energy

IShares US Energy ETF (IYE) rose 0.1% and the State Street Energy Select Sector SPDR (XLE) fell fractionally.

Technology

The State Street Technology Select Sector SPDR ETF (XLK) was marginally down; iShares US Technology ETF (IYW) lost 0.3%, and iShares Expanded Tech Sector ETF (IGM) fell less than 0.1%.

The State Street SPDR S&P Semiconductor (XSD) gained 1.1%, and iShares Semiconductor (SOXX) was down 0.2%.

Financial

The State Street Financial Select Sector SPDR (XLF) dipped 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) declined 1.2%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), climbed 1.3%.

Commodities

Crude oil rose 2.1%, and the United States Oil Fund (USO) added 1.7%. Natural gas advanced 1.1%, and the United States Natural Gas Fund (UNG) was down 0.2%.

Gold on Comex slipped 0.3% and the State Street SPDR Gold Shares (GLD) shed 0.6%. Silver gained 0.1%, and iShares Silver Trust (SLV) fell fractionally.

Consumer

The State Street Consumer Staples Select Sector SPDR (XLP) eased 1.4%. The Vanguard Consumer Staples ETF (VDC) fell 1.8%, and iShares Dow Jones US Consumer Goods (IYK) was down 0.1%.

The State Street Consumer Discretionary Select Sector SPDR (XLY) dipped 0.3%. VanEck Retail ETF (RTH) was down 1.5%, and the State Street SPDR S&P Retail (XRT) shed 0.7%.

Healthcare

The State Street Health Care Select Sector SPDR (XLV) gained 0.1%, iShares US Healthcare (IYH) rose fractionally and Vanguard Health Care ETF (VHT) was up 0.1%. IShares Biotechnology ETF (IBB) fell marginally.

Industrial

The State Street Industrial Select Sector SPDR (XLI) eased 0.8%. Vanguard Industrials Index Fund (VIS) and iShares US Industrials (IYJ) were also lower.

Cryptocurrency

In midday activity, bitcoin (BTC-USD) fell 0.8%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) dipped 0.9%, ProShares Ether ETF (EETH) was down 0.3%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 1.2% higher.

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Asia Markets

European Stocks Close Mixed in Thursday Trading; Eurozone Business Activity Continues to Contract

The European stock markets closed mixed in Thursday trading as investors cautiously monitor hostilities in the Middle East, which continues to spark significant volatility in stock and oil prices.The Stoxx Europe gained 0.3%, Germany's DAX was off 0.1%, the FTSE 100 increased 0.1%, France's CAC was little changed, and the Swiss Market Index was 0.5% higher.Eurozone private sector business activity contracted for the second straight month as the S&P Global Flash Eurozone Composite PMI Output Index declined to 47.5 in May from 48.8 in April."May's flash PMI survey data show the eurozone economy taking an increasingly severe toll from the war in the Middle East," S&P Global Market Intelligence Chief Business Economist Chris Williamson said in a statement. "Job losses are also starting to become worryingly widespread as business confidence in any swift turnaround in the adverse economic climate fades further."And in corporate news, Stellantis said Thursday that it is launching a 60 billion euro ($69.7 billion) five-year plan to accelerate growth and increase profits.Stellantis also said Thursday it is launching STLA One, a modular vehicle architecture to support multiple powertrains and vehicle sizes. Shares of Stellantis fell over 1% in Paris.Shell, BP, PT Perusahaan Gas Negara, and PT PLN Energi Primer Indonesia signed agreements with Japan's Inpex for liquified natural gas offtake from the Abadi LNG Project at the Masela Block in offshore Indonesia, Inpex said Wednesday.Inpex also reached a deal in principle with PT Pupuk Indonesia regarding pipeline natural gas supply from the Abadi LNG Project, the company said.Shares of Shell were off 0.3%, while BP rose 0.4% in London.Equinor and BP joint venture Aker BP have agreed on several transactions to boost production across their portfolio on the Norwegian Continental Shelf, the companies said Thursday.Under the agreement, Equinor will divest a 19% interest in several discoveries in the Ringvei Vest area to Aker BP. Shares of Equinor fell 1.2% in Oslo.Nokia launched an AI networking innovation lab in California, the company said Thursday. Shares advanced 2.6% in Helsinki.

Asia Markets

Swiss Stocks Rise as Investors Weigh Industrial Data; Partners Group Falls

The Swiss Market Index gained 0.35% on Thursday's close, extending its winning streak, as investors assessed the latest industrial production data and corporate updates.The country's industrial production, adjusted for calendar effects, declined 7.1% year over year in the first quarter, following a revised 0.4% fall in the previous three-month period, data from the Federal Statistical Office showed. Analysts expected a 0.5% rise for the month.Elsewhere and in geopolitical news, Iran said the latest US proposal has partly narrowed differences as both sides seek to turn a fragile ceasefire into a broader peace deal. Tehran, which is reviewing a response to Washington's text, said further progress would require an end to US "temptation for war," while reiterating calls for a full halt to hostilities and the unfreezing of sanctioned assets, Bloomberg News reported.Back home and on the corporate front, Swiss Life Holding (SLHN.SW) posted higher fee income and premiums for the first quarter, while announcing the purchase of Germany-based Telis Group with 1,800 certified advisers. The Swiss life insurer, which was up 0.75% at close, expects to close the deal in the third quarter."We achieved pleasing top-line growth in the first quarter of 2026 and further increased both the fee and the insurance business," Swiss Life Group Chief Executive Officer Matthias Aellig said. "I am particularly pleased with the growth in our fee business across all divisions. With our performance in the first quarter of 2026, we are well on track with the 'Swiss Life 2027' programme."Meanwhile, dsm-firmenich (DSFIR.SW) gained 6.42% at the end of its first trading day on SIX Swiss Exchange. The nutrition, health and beauty company, which is also listed on Euronext Amsterdam, said the dual listing does not include a new share issue and will not impact its capital structure.In other news, Partners Group Holding (PGHN.SW) launched its new control private equity strategy, called Total Return Strategy, focused on lower leverage, income-generating investments. The Swiss private equity firm, which fell 1.06%, said the strategy aims for mid-teens total gross returns and an initial gross annual dividend yield of 5% to 8%.

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Asia Markets

Blue-chip DAX Index Slips; German Private Sector Growth Accelerates

German shares ended Thursday in the red, with the blue-chip DAX index losing 0.53%, as the market evaluated fresh preliminary private sector data against the latest updates on the US-Iran conflict.Business survey data from S&P Global showed German private sector activity contracting for a second consecutive month, with the Flash Germany Composite PMI Output Index rising to a two-month high of 48.6 in May, above the previous and expected 48.4. The reading was driven by weakness in the services sector amid sluggish demand and rising cost pressures.The flash composite PMI for the eurozone also contracted for the second month in a row, with the index hitting a 31-month low of 47.5 in May, compared with the earlier reading and consensus estimate of 48.8, as rising costs led to steeper declines in output and new business."While the markets' focus is still mainly on the inflationary impact of the war, today's eurozone PMI confirms that the growth impact is not to be overlooked... As the Middle East conflict remains unresolved right now, the negative impact of the energy shock on the eurozone economy is clearly increasing. That makes this time different from the previous energy shock. Without ample government support in place and without the vibrant reopening of the service sector as lockdowns ended, like in 2022, the negative impact on growth could be more pronounced," ING wrote.Pakistan is reportedly stepping up mediation efforts amid rising US-Iran tensions, Reuters reported, citing unnamed sources. Pakistan Army Chief Asim Munir is said to be considering a diplomatic visit to Tehran, while Iranian sources told the outlet that Tehran has hardened its nuclear stance by refusing to export near-weapons-grade uranium. US President Donald Trump also threatened immediate military action if Washington's demands are not met.Against this backdrop, the European Commission's Spring 2026 Economic Forecast cut the eurozone's growth outlook while raising inflation projections, citing a slowdown driven in part by energy shocks linked to the Middle East conflict. GDP is now expected to expand by 0.9% in 2026 and 1.2% in 2027, down from prior forecasts of 1.2% and 1.4%, respectively. Inflation outlook was revised up to 3% for 2026 and 2.3% for 2027, compared with earlier estimates of 1.9% and 2%.On the corporate side, DHL Supply Chain, a subsidiary of Deutsche Post (DHL.F), d/b/a DHL Group, began construction of a 17,000-square-meter European battery logistics center in Holtum, Netherlands. Expected to begin operations in early 2027, the facility will provide specialized storage and service space for high-voltage batteries required by electric vehicles and battery energy storage systems across Europe. The logistics group was down 0.37% at closing.

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