## [# FTXR, MADE Slip on Auto Downgrades; XLE Falls](/sections/news/china-etfs-sink-spy-touches-record-high)
# FTXR, MADE Slip on Auto Downgrades; XLE Falls
Markets moved higher Wednesday while China ETFs fell after surging on stimulus news
- • News
3 Updates
[  ](/authors/dj-shaw)
Wed, September 25, 2024 At 4:21 PM EDT
[DJ Shaw ](/authors/dj-shaw) | Finance Reporter | [ Follow Author ](/etf/login)
## Transportation and manufacturing ETFs drop on analyst cuts; energy sector ETFs tumble.
Exchange-traded funds faced widespread pressure on Wednesday, with the majority of the sectors declining.
The [**First Trust Nasdaq Transportation ETF (FTXR)**](/ftxr) and [**iShares U.S. Manufacturing ETF (MADE)**](/made) both fell about 1%, dragged down by automaker stocks. General Motors shares dropped 4.6% after Morgan Stanley downgraded the stock to underweight from equal weight.
Ford slipped 4.1% following a downgrade to equal weight from overweight, with the analyst citing worsening U.S. consumer credit and China’s increasing car production capacity.
Energy sector ETFs led the market’s declines. The [**Energy Select Sector SPDR Fund (XLE)**](/xle) tumbled 2%, while oil-focused funds also fell. Both the [**United States Oil Fund LP (USO)**](/uso) and [**United States Brent Oil Fund LP (BNO)**](/bno) ended the day over 2% lower.
[](/tools/etf-comparison/XLE-vs-USO#block-cr-performance)Amid the broad selloff, only two of the 11 S&P 500 sectors managed to stay in positive territory. The [**Utilities Select Sector SPDR Fund (XLU)**](/xlu) rose 0.4%, while the [**Technology Select Sector SPDR Fund (XLK)**](/xlk) edged up 0.1%.
Bucking the negative trend, the [**First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY)**](/fcfy) gained 0.8. The ETF benefited from Hewlett Packard Enterprise’s nearly 5% jump after Barclays upgraded the stock to overweight from equal weight, citing rising demand for artificial intelligence servers and potential benefits from the Juniper Networks acquisition.
[  ](/contributors/ron-day)
Wed, September 25, 2024 At 1:07 PM EDT
[Ron Day ](/contributors/ron-day) | Contributing Editor | [ Follow Author ](/etf/login)
## Spot bitcoin and Ethereum funds drop; SPY retreats after record.
Broad stock ETFs slipped after the S&P 500 backed off from its 41st record close yesterday, while tech funds moved higher ahead of Micron Technology’s earnings release this afternoon.
The [**SPDR S&P 500 ETF Trust (SPY)**](/spy) slid 0.2% around 1 p.m. New York time Wednesday while the [**SPDR Dow Jones Industrial Average ETF Trust (DIA)**](/dia) lost 0.7%. DIA, which tracks the 30 largest stocks, has gained 13% so far this year while SPY, which follows 500 equities, has gained 21%, on track to crush its average 6.8% return.
With chipmaker Micron Technology slated to release earnings, the [**Technology Select Sector SPDR Fund (XLK)**](/xlk) added 0.3% and the [**VanEck Semiconductor ETF (SMH)**](/smh) moved 0.7% higher.
Broad bond funds slid as well. The [**iShares 20+ Year Treasury Bond ETF (TLT)**](/tlt) lost 0.6% and the [**Vanguard Total Bond Market ETF (BND)**](/bnd) dipped 0.3%.
[](/tools/etf-comparison/BND-vs-TLT)Crypto funds’ gyrations continued. [**The Grayscale Bitcoin Trust ETF (GBTC)**](/gbtc), which has gained steadily for most of September, lost 1.4% while the [**iShares Ethereum Trust (ETHA)**](/etha) dropped 2%.
[  ](/authors/kristin-myers)
Wed, September 25, 2024 At 11:23 AM EDT
[Kristin Myers ](/authors/kristin-myers) | SVP Content/EIC | [ Follow Author ](/etf/login)
## China ETFs Sink Wednesday
China ETFs sank in midday trading Wednesday, a day after surging on news about a new stimulus package designed to spur the Chinese economy.
The largest China ETF, the [**iShares MSCI China ETF (MCHI)**](/MCHI) sank 2.1%. Two of the other biggest China funds, the [**KraneShares CSI China Internet ETF (KWEB)**](/KWEB) and[ **iShares Trust - China Large-Cap ETF (FXI)**](/fxi) also fell, each slipping by more than 2%.
The stimulus plan will cut interest rates and aims to boost the housing market by cutting mortgage rates on existing home loans. The package also aims to support China's stock market, and free up liquidity by reducing the amount of money banks must hold in reserve, known as the reserve requirement.
ETFs betting on falling prices of China stocks soared. YANG, the [**Direxion Daily FTSE China Bear 3X Shares**](/YANG) jumped more than 7%. YINN, the [**Direxion Daily FTSE China Bull 3X Shares**](/YINN) (the bull counterpart to YANG) conversely sank, dropping 6%. Other leveraged China ETFs betting against Chinese stocks soared while bull China ETFs fell.
[](/tools/etf-comparison/YINN-vs-YANG)## SPY Touches Record High
In broad markets, SPY, the [**SPDR S&P 500 ETF Trust**](/SPY) hovered near the flat line after touching record highs shortly after trading started. The broad market fund has risen 21% this year and may be poised for further gains now that the Federal Reserve has begun cutting rates.
QQQ, the tech-heavy [**Invesco QQQ Trust**](/QQQ) rose 0.1%, boosted by a jump in Magnificent Seven stocks which make up 50% of holdings in the fund. MAGS, the [**Roundhill Magnificent Seven ETF**](/MAGS) jumped 0.3%. Both pared earlier gains.
DIA, the [**SPDR Dow Jones Industrial Average ETF Trust**](/DIA) sank over half a percentage point.
Investors are awaiting key pieces of economic data from the Commerce Department on inflation and the strength of the U.S. economy. The latest GDP figures are slated to be released on Thursday, while the Fed's preferred inflation gauge, the personal consumption expenditures index (PCE), will be released on Friday.
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