Luxury ETFs Split on Tapestry-Capri Ruling

The Invesco QQQ Trust (QQQ) rose 0.7% Friday as the Nasdaq Composite reached an all-time high, driven by strong performance in big-tech stocks. 

Luxury-focused ETFs showed mixed performance following a key legal ruling. The KraneShares Global Luxury Index ETF (KLXY), advanced 1.1%, benefiting from Tapestry's 13% rally. Meanwhile, the Themes European Luxury ETF (FINE) fell 1.7% after Capri shares plunged over 49% when a judge blocked Tapestry's proposed acquisition of the company. 

The Themes ETF Trust - Themes Cybersecurity ETF (SPAM) gained 0.6% after Booz Allen Hamilton jumped nearly 10%. The defense contractor raised its full-year guidance after reporting adjusted earnings of $1.81 per share on $3.15 billion in revenue. 

The iShares U.S. Healthcare Providers ETF (IHF) declined 0.5% as HCA Healthcare missed estimates. The hospital operator's shares full more than 9% after reporting revenue of $17.49 billion, below the expected $17.54 billion. 

The ETFMG Travel Tech ETF (AWAY) edged down 0.2% after Lyft shares dropped nearly 2%. The declined followed a U.S. government lawsuit alleging deceptive advertising practices regarding driver earnings. 

Technology-focused ETFs are rising in early afternoon trading, headed for weekly gains, as investors boost bets the sector will produce a solid batch of earnings next week when Magnificent Seven companies Alphabet Inc., Microsoft Corp. and Apple Corp. report.

Tech exchange-traded funds were also helped by ongoing rises in Tesla Inc., which added another 3% this afternoon to yesterday's 22% gain, and Nvidia, which is also adding to its weekly gain today.

Gains among tech ETFs were led by the $24.9 billion VanEck Semiconductor ETF (SMH)'s 2.5% gain. The $72 billion Technology Select Sector SPDR Fund (XLK) rose 1.4%. The Invesco QQQ Trust (QQQ), which tracks the tech-heavy Nasdaq, jumped 1.4% and is also headed to close out the week with a gain.

The poster child for the batch of mega-cap tech firms, the Roundhill Magnificent Seven ETF (MAGS), added 1.8%.

Broader exchange-traded funds traded largely higher Friday. The 30-largest stock tracking SPDR Dow Jones Industrial Average ETF Trust (DIA) lost 0.2%. Crypto ETFs also dipped with the iShares Bitcoin Trust (IBIT) shedding 0.6% and the Bitwise Ethereum ETF (ETHW) losing 0.4%, reflecting weekly declines in the two-biggest digital currencies.

Biggest 1-day outflows 10/24

GLD, the SPDR Gold Trust, hovered around the flatline Friday, struggling to make a comeback after it slid Thursday. 

The downward march came after GLD touched record highs on Tuesday. On Wednesday, the fund saw its biggest outflows since the start of October, according to the etf.com Fund Flows tool. 

Some $126 million left the fund that day as gold retreated. The spot price for gold now sits around $2735 for an ounce. IAU, the iShares Gold Trust also hovered around the flat line, rising just 0.04% around 11 a.m. New York time. The Direxion Daily Gold Miners Index Bull 2X Shares (NUGT), which aims to double the performance of an index of gold and silver miners, slid 1%.

Silver prices however rebounded, after struggling at the start of the trading day. Silver has been moving in tandem with gold as investors have sought alternative investments. SLV, the iShares Silver Trust rose nearly three quarters of a percentage point.

Broad market ETFs fought for a comeback but still could be headed for a losing week. DIA, the SPDR Dow Jones Industrial Average ETF Trust rose half a percentage point Friday. At nearly $426 a share, the fund is still off its all-time high close of roughly $433 a week ago.

SPY, the SPDR S&P 500 ETF Trust added 0.8% while QQQ, the tech-heavy Invesco QQQ Trust popped 1.4%, boosted by rises in Tesla and chipmaker Nvidia, which has rallied to a 52-week high.