Broad Market ETFs Notch Minor Gains to Close Trading Day

Broad market ETFs ended Wednesday's trading day just above the flatline, even as Middle East tensions continued to concern investors. SPY, the SPDR S&P 500 ETF Trust ended the day up .04%, barely eking out a gain. DIA, the SPDR Dow Jones Industrial Average ETF Trust edged .10% higher.

QQQ, the tech-heavy Invesco QQQ Trust jumped roughly .15%. All three funds declined slightly from their intraday highs which they touched around the midday trading.

Markets struggled Wednesday after Iran fired missiles on Israel on Tuesday in retaliation for the killing of Hezbollah chief Hassan Nasrallah. 

Oil and energy ETFs, boosted by the conflict, also lost steam throughout the day as supply glut concerns kept gains more muted. By midday trading, they had reversed gains, only to end in the green during the last hour of the trading session.

XLE, the Energy Select Sector SPDR Fund jumped just over 1% Wednesday. The largest oil ETF, the United States Oil Fund LP (USO) rose .90%. Of the largest oil ETFs, UCO, the  ProShares Ultra Bloomberg Crude Oil edged 1.15% higher. 

BNO, the United States Brent Oil Fund LP notched a 1% gain. 

Tesla reported third quarter deliveries Wednesday that fell short of some Wall Street estimates, sending its shares 3% lower in noon trading and dragging down consumer discretionary and Magnificent Seven ETFs. 

The world's biggest electric vehicle maker reporting it delivered 462,890, which missed bullish estimates for 470,000, according to Forbes. 

XLY, the Consumer Discretionary Select Sector SPDR Fund sank 0.7%, thanks in part to a nearly 15% allocation in the fund to Tesla, its second largest holding behind Amazon. MAGS, the Roundhill Magnificent Seven ETF fell more than 0.5%; the fund holds close to 9% of the electric vehicle maker. 

ARKK and NITE, the ARK Innovation ETF and The Nightview Fund respectively also suffered Wednesday due to the automaker's delivery miss. ARKK declined a quarter of a percentage point while NITE fell .70%. 

Both funds, which are bouncing back from earlier lows as Tesla moved off of lows, allocate more than 15% to the carmaker. 

TSLL, the Direxion Daily TSLA Bull 2X Shares was one of the biggest losers on Wednesday, according to etf.com data. The leveraged ETF sank more than 5.6% Wednesday. 

Mid-East Tensions and Oil Futures ETFs

Escalating conflict in the Middle East sent oil company ETFs higher Wednesday. Oil futures funds declined. They had surged yesterday after Iran launched dozens of missiles into Israeli territory; at noon today they are shedding earlier gains while Israel and Hezbollah fight in Lebanon.

UCO, the ProShares Ultra Bloomberg Crude Oil futures fund, dropped nearly 1% and the largest oil ETF, the United States Oil Fund LP (USO), lost a third of a percentage point. BNO, the United States Brent Oil Fund LP, lost 0.2%.

 XLE, the Energy Select Sector SPDR Fund jumped 0.4%. That fund invests in oil companies as opposed to futures.