## [# Markets Broadly Dip; UTES, NETZ Rise on Energy Deals](/sections/news/spy-qqq-retreat-after-rate-cuts)
# Markets Broadly Dip; UTES, NETZ Rise on Energy Deals
Markets slide after Fed doles out jumbo rate cut
- • News
2 Updates
[  ](/authors/dj-shaw)
Fri, September 20, 2024 At 4:15 PM EDT
[DJ Shaw ](/authors/dj-shaw) | Finance Reporter | [ Follow Author ](/etf/login)
## Utility ETFs surge on nuclear plant restart; tech and retail ETFs fain on corporate updates.
Broad market ETFs like SPY and QQQ fell after yesterday's post-rate cut surge, while utilities jumped.
SPDR S&P 500 ETF Trust (SPY) slid 0.2% while the [**SPDR Dow Jones Industrial Average ETF Trust (DIA)**](/dia) added 0.1%. QQQ, the tech-heavy [**Invesco QQQ Trust**](/qqq) also fell 0.2%.
The [**Virtus Reaves Utilities ETF (UTES)**](/utes) rose nearly 5% after Constellation Energy shares surged more than 22%. The company announced plans to restart the Three Mile Island nuclear plant, with Microsoft set to purchase electricity from the plant in a 20-year agreement.
The [**Engine No. 1 Transform Climate ETF (NETZ)**](/netz) climbed 0.8% following Vistra’s 17% jump. The Texas-based power company, also a holding in UTES, plans to acquire the remaining 15% stake in its subsidiary Vistra Vision for about $3.2 billion in cash.
[](/tools/etf-comparison/UTES-vs-NETZ#block-cr-performance)The [**REX FANG & Innovation Equity Premium Income ETF (FEPI)**](/fepi) inched up 0.1% on news that Qualcomm approached Intel about a potential takeover. Intel shares rose 8% on the report, which suggested one of the largest technology mergers ever if realized.
The [**Monarch Blue Chips Core ETF (MBCC)**](/mbcc) gained 0.2% after Nike jumped 6.7%. The apparel giant announced a CEO change, with veteran Elliott Hill set to replace John Donahoe in October. Nike shares has been down about 25% for the year prior to the announcement.
[  ](/authors/kristin-myers)
Fri, September 20, 2024 At 12:10 PM EDT
[Kristin Myers ](/authors/kristin-myers) | SVP Content/EIC | [ Follow Author ](/etf/login)
## Broad Market ETFs Slide Friday
Broad market ETFs were on the retreat Friday after the Fed's rate cut earlier in the week.
SPY, the [**SPDR S&P 500 ETF Trust**](/SPY) slid more than half a percentage point. QQQ, the tech-heavy [**Invesco QQQ Trust**](/QQQ) was also in the red, dropping 0.8%.
DIA, the [**SPDR Dow Jones Industrial Average ETF Trust**](/DIA) struggled the least, sliding a quarter of a percentage point.
Tech-heavy ETFs struggled dipped further than the broad market indexes. MAGS, the [**Roundhill Magnificent Seven ETF**](/MAGS), fell sinking roughly 0.6% while XLK, the [**Technology Select Sector SPDR Fund**](/XLK) lost a full percentage point.
XLY, the [**Consumer Discretionary Select Sector SPDR Fund**](/XLY), also sank due to large holdings of [Amazon](/stock/AMZN) and [Tesla](/stock/TSLA). The fund notched a roughly 0.8% loss.
Investors piled back into defensive trades as the rate cut excitement faded. XLU, the [**Utilities Select Sector SPDR Fund**](/XLU) led markets on Friday, rising 1.75%. Gold, silver and crypto ETFs also rose.
[](/tools/etf-comparison/XLU-vs-XLP)
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