Tech ETFs Rise on Tesla Results, Gold Miners Slump

Major market ETFs posted mixed results Thursday, with technology leading gains. The Invesco QQQ Trust (QQQ) rose nearly 1% and the SPDR S&P 500 ETF Trust (SPY) added 0.2%, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) fell 0.3% amid rate concerns. 

The iShares MSCI Global Gold Miners ETF (RING) emerged as a large decliner, dropping 3.7%. The fall came after Newmont shares plunged nearly 15% following weaker-than-expected third-quarter earnings of 81 cents per share on revenue of $4.6 billion. 

The Global X CleanTech ETF (CTEC) advanced nearly 1%, driven by QuantumScape's 24% surge. The battery manufacturer met third-quarter expectations, despite posting a loss of 23 cents per share. 

The First Trust Indxx Aerospace & Defense ETF (MISL) extended recent losses after Boeing machinists rejected a new labor contract. The ongoing strike, now in its fifth week, pushed Boeing shares down about 1.5%. 

Tesla ETFs were soaring by midday trading on Thursday after the carmaker reporter mixed results after the bell on Wednesday. Leveraged Tesla ETFs TSLL the Direxion Daily TSLA Bull 2X Shares  and TSLT, the T-Rex 2X Long Tesla Daily Target ETF both jumped just under 39%. Tesla stock was up 19% Thursday on the news.

Tesla's quarterly earnings beat on earnings per share, but missed on revenue estimates. Despite the mixed report, investors were pleased to hear that cheaper electric vehicles were still on track to be released in the first half of 2025. The automaker has been teasing news of a potentially cheaper car model for years, but little details have been forthcoming.

Funds with large allocations to the electric vehicle manufacturer were naturally also in the green Thursday. NITE, the The Nightview Fund jumped 2.75% Thursday thanks to a more than 13% allocation to Tesla in the fund.

ARKK, the ARK Innovation ETF also rose; marching 2.8% higher. The funds allocates 13.15% to Tesla, the largest holding in the fund. 

XLY, the Consumer Discretionary Select Sector SPDR Fund popped 3% by midday; the two largest holdings in the fund are Manificent Seven stocks Amazon and Tesla.