XLK, GLD and SLV Lead as Market Ends Week at All-Time High
The first week of July and the first half of 2024 end with the S&P 500 reaching another record high.
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Tech, Silver and Gold Are Winners This Week
The first week of July went the same way as the first half of 2024 with tech stocks leading and pulling the broader market to another all-time high.
Semiconductor ETFs and tech sector ETFs were slightly higher on the day but led stocks for the week as the VanEck Semiconductor ETF (SMH) and the Technology Select Sector SPDR Fund (XLK) had gains of 3.2% and 2.7%, respectively in the first trading days of July.
The Consumer Discretionary Select Sector SPDR Fund (XLY) was up 0.8% in Friday trading and was another leader this week with a gain of 2.4%, mostly driven by renewed Tesla enthusiasm.
The price of gold rose on hopes of U.S. rate cuts following a string of economic reports this week supporting cooler inflation. The SPDR Gold Shares ETF (GLD) rose 1.3% for the day and finished the week 2.5% higher.
Silver was the winner of the day with a 2.3% gain and dominated the week with nearly a 6% jump, as measured by the iShares Silver Trust ETF (SLV).
XLC, XLY Inch Up as Meta Hits Record High
Meta is breaking out to new all-time highs today, joining fellow megacaps like Apple, Microsoft, Nvidia, Alphabet, and Amazon.
The stock dominates the $19.2 billion Communication Services Select Sector SPDR Fund (XLC), with a 23% position, equal to Alphabet's weighting in the ETF.
Now the only Magnificent Seven stock not at highs is Tesla. Though the electric vehicle maker's stock surged a whopping 26% this week, it's still down 39% from its all-time high set in 2021.
Tesla is a top-two holding in the $20 billion Consumer Discretionary Select Sector SPDR Fund (XLY) with a 17% weighting, second to only Amazon's 24%.
XLC was up 1.5% midday on Friday, while XLY was higher by 0.4%.

Bitcoin Slump Slams IBIT, Markets Steady After June Jobs Report
Bitcoin prices dipped below $54,000, the first time the cryptocurrency has seen that figure since February of this year, according to CoinMarketCap. The slide towards $50,000 has impacted spot bitcoin ETFs which slumped on Friday.
IBIT, the Blackrock Bitcoin Trust (IBIT) fell close to 8% in early trading Friday. In the past month, IBIT's performance has sunk close to 9%. The spot bitcoin ETF is the largest on the market, with over $19 billion in AUM.

Other spot bitcoin ETFs were affected Friday morning by the cryptocurrency's fall. GBTC, the Grayscale Bitcoin Trust ETF fell by 7.6% while BITB, the Bitwise Bitcoin ETF dipped nearly 7.5%.
Both funds have seen performance sliding by over 6% in the past 3 months as bitcoin prices have dropped from over $70,000 a coin earlier in the year. As bitcoin prices have broken through key support levels, investors question whether the cryptocurrency is headed for a bear market.
June Jobs Report Nudges Treasury ETFs Higher
Broad markets are still holding steady after Friday's release of the June jobs report. Unemployment rose to 4.1% from 4.0% the previous month as the U.S. economy added 206,000 jobs. The figures are slightly higher than economist expectations and point to a cooling labor market.
SPY, the SPDR S&P 500 ETF Trust rose just above the flat line while DIA, the SPDR Dow Jones Industrial Average ETF Trust slipped .20%. QQQ, the Invesco QQQ Trust which closely follows the tech-heavy Nasdaq jumped nearly .50% as tech investors considered potential rate cuts, which boost high growth stocks.
Bond yields fell as the report boosted hopes of a Fed rate cut in the fall. The higher for longer rate environment has caused rate sensitive ETFs like Treasury ETFs to be taken on a rollercoaster ride as investors question if and when the Federal Reserve will start to cut rates.
TLT, the IShares 20+ Year Treasury Bond ETF and GOVT, the IShares U.S. Treasury Bond ETF both rose .20% Friday while BIL, the SPDR Bloomberg 1-3 Month T-Bill ETF hovered just above the flat line.

According to the CME Fed Watch Tool, markets are predicting a 72% chance that the Fed will cut rates in September.
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