USO and GLD Pull Back as Stocks Rally
- • News
Broad market ETFs climb on tech rebound; sector-specific funds see mixed results.
Headline: QQQ, IPAY Surge as Tech and Fintech Lead ETF Gains
The SPDR S&P 500 ETF Trust (SPY) moved 1% higher on Tuesday as the S&P 500 rebounded following a losing session. Investors assessed ongoing tension in the Middle East while welcoming a tech sector recovery.
The Invesco QQQ Trust (QQQ) rose 1.6%, leading gains among major index ETFs. The tech-heavy fund benefited from the sector’s strong performance.
The Amplify Mobile Payments ETF (IPAY) gained nearly 1% after Affirm shares surged 6.8%. BITG’s upgrade of Affirm to “buy” status, citing growth potential compared to traditional payment methods, boosted the ETF.
The MUSQ Global Music Industry ETF (MUSQ) edged up 0.5%. Sphere Entertainment shares rose almost 1% on news of CFO David Byrnes’ planned departure.
The Roundhill Ball Metaverse ETF (METV) dipped 0.2 after Roblox, a key holding, fell 3.1%. Hindenburg Research disclosed a short position, alleging inflated metrics. Roblox’s rejection of these claims as “misleading” failed to prevent the ETFs decline.
Tech-heavy ETFs take the lead in mid-day trading
The U.S. equity markets continued to rally in Tuesday afternoon trading, carried along by such tech-heavy ETFs.
The Roundhill Magnificent Seven ETF (MAGS) and the Technology Select Sector SPDR Fund (XLK), both gained about 1.4%.
The broader market SPDR S&P 500 ETF Trust (SPY) was up 0.7% while the Invesco QQQ Trust ETF (QQQ) was up 1.2%.
The flipside of that equity market run was the pullback by crude oil and gold. The United States Oil Fund (USO) was down 5.5% mid-day Tuesday after traders took a closer look at the fundamentals behind the commodity and looked past the geopolitical noise.
Meanwhile, the SPDR Gold Shares ETF (GLD), which has gained more than 28% from the start of the year, declined by 1.3% from the market’s open Tuesday in another bullish sign for riskier assets like stocks.

MAGS Rises on NVDA Rally while KWEB, FXI Fall Hard
Tech ETFs gained this morning as Nvidia Corp.'s October rally continued, while at the same time broad stock funds inched higher and China-focused funds flopped.
The Roundhill Magnificent Seven ETF (MAGS) added 1.5%, the Technology Select Sector SPDR Fund (XLK) gained 1.4% and the VanEck Semiconductor ETF (SMH) rose 1.2% shortly before noon Tuesday. The Nasdaq-tracking Invesco QQQ Trust (QQQ) gained 1.2%.
China ETFs, which had surged over the past two weeks, fell hard and erased gains from the past week or so. The country's economic planning authority held a press conference where it dashed hopes for more economic stimulus of the sort that have been pushing China funds higher since mid-September.
The $8.1 billion KraneShares CSI China Internet ETF (KWEB) plummeted 9.6%; the iShares Trust - China Large-Cap ETF (FXI), lost 9.3% and the iShares MSCI China ETF (MCHI) sank 11%.
KWEB 1-Month Gain Through Oct. 7
Broad markets performed better. The SPDR S&P 500 ETF Trust (SPY) added 0.7% while the SPDR Dow Jones Industrial Average ETF Trust (DIA) gained 0.1%.
Related Stories




Related Media



