Index Funds End Week on a High Note

The SPDR S&P 500 ETF Trust (SPY) ended the week on a high note, with a gain of 0.2%. That brings the ETF’s weekly gains to almost 4% and puts it just 1.9% below its all-time high. 

Traders hoping for a retest of last week’s lows might be disappointed, but long-term investors are no doubt elated. With this week’s gains, SPY’s year-to-date return is back up to 18%.

The iShares Core S&P 500 ETF (IVV) and Vanguard S&P 500 ETF (VOO), which also track the S&P 500, both rose 0.2% on Friday and are up about 13% year-to-date. 

U.S. stocks hovered near the flatline midday Friday, capping off what could be 2024s best week so far as the market continues its rebound from early August's downtown. 

This follows stronger-than-expected retail sales data and a decline in weekly jobless claims. 

Clean Energy ETFs faced headwinds after Rivian announced a temporary suspension of its commercial delivery van production for Amazon due to parts shortage. 

The ALPS Clean Energy ETF (ACES) fell 0.8%, while First Trust NASDAQ Clean Edge Green Energy Index Fund (QCLN) dropped 0.6%. 

Despite the Rivian news, consumer discretionary and retail ETFs holding Amazon shares showed gains. Vanguard Consumer Discretionary ETF (VCR) rose 0.3%, while ProShares Online Retail ETF (ONLN) climbed 0.9%.

Markets struggled Friday morning after clawing back gains this week, boosted by strong retail sales and corporate earnings. 

Consumer staples ETFs were in the red: XLP, the Consumer Staples Select Sector SPDR Fund slipped by more than 0.1% despite retail sales beating economists expectations last month. 

Walmart accounts for more than 10% of the fund and notched a half-percentage point gain Friday, after beating estimates and raising its outlook during its earnings call on Thursday.

VDC, the Consumer Staples Select Sector SPDR Fund also fell Friday, dropping .10%.

Consumer discretionary ETFs edged slightly into the green, as XLY, the Consumer Discretionary Select Sector SPDR Fund rose more than .15%. 
 

ETFs tracking the major indices were in the red Friday, as broad markets struggled to hold onto gains it made this week. SPY, the SPDR S&P 500 ETF Trust slid more than .10% while DIA, the SPDR Dow Jones Industrial Average ETF Trust hovered around the flatline.

QQQ, the tech-heavy Invesco QQQ Trust lost a third of a percentage point.

Cryptocurrency ETFs Rise

According to etf.com data, top gainers Friday were cryptocurrency ETFs, as bitcoin prices fought their way higher. The cost of bitcoin hovered just over $58,000 Friday, down nearly 5% over the past week, according to CoinMarketCap.

BTFX, the Valkyrie Bitcoin Futures Leveraged Strategy ETF leapt nearly 6% Friday. BITX, the Volatility Shares 2x Bitcoin Strategy ETF rose close to 4.5%.

BTFX 1 month

Ether funds also headed higher Friday. ETHU, the Volatility Shares 2x Ether ETF jumped more than 3.5%.