AAPX Dips on iPhone Event; ITA Falls on China, Boeing News

The T-Rex 2X Long Apple Daily Target ETF (AAPX) dropped 0.7% Monday after Apple announced a Sept. 9 event. 

The company is expected to unveil new iPhone and Apple Watch Models, featuring larger screens, updated cameras, and “Apple Intelligence” AI capabilities.

China-focused ETFs faced declines following disappointing results from PDD Holdings. The Invesco China Technology ETF (CQQQ) fell 3.5%, ProShares Online Retail ETF (ONLN) dropped 4.3%, and Global X MSCI China Consumer Discretionary ETF (CHIQ) 4%. PDD Holdings, parent of Temu, saw shares plunge 28.5% after reporting revenue below estimates.

U.S. aerospace and defense ETFs also took a hit. The iShares U.S. Aerospace & Defense ETF (ITA) dipped 0.3%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) fell 0.8%.

Boeing’s stock dropped over 1% following NASA’s announcement that two astronauts will remain at the International Space Station until February, with Boeing’s Starliner capsule returning to earth empty.
 

The Dow Jones-tracking SPDR Dow Jones Industrial Average ETF Trust (DIA) approached an all-time high closing price to start a typically quiet markets week, as investors bet that pending rate cuts next month will further expand the U.S. economy.

DIA added about 0.1%, pairing earlier gains, to $412.26 at about noon Monday. That's above its all-time closing high of $411.83, reached Aug. 23.

The broader S&P 500, as measured by the S&P 500 ETF Trust (SPY) slipped after last week's 1.4% gain. SPY lost 0.3%. Tech exchange-traded funds also declined, with the Invesco QQQ Trust (QQQ) dropping a little more than 1%. 

Middle East tensions boosted oil prices more than 3%. Hezbollah and Israel exchanged fire as violence escalated in the critical oil production and shipping region. The United States Oil Fund LP (USO) added 3%, in spite of recent surveys suggesting rising supplies and slowing demand. 

Crypto ETFs slid after the price of bitcoin backed down from nearly $65,000 to trade around $63,650. the iShares Bitcoin Trust (IBIT) lost 0.4% while the Grayscale Ethereum Trust (ETHE) shed 0.9%.