01:03 PM EDT, 08/05/2024 (MT Newswires) -- Broad Market Indicators

Broad-market exchange-traded fund IWM and IVV were down sharply. Actively traded Invesco QQQ Trust (QQQ) dropped 2.3%.

US equity indexes plunged midday while most government bond yields rebounded modestly, with markets pricing in an extreme scenario of a 100 basis-point cut in interest rates in September, spurring concern a US recession is lurking.

Energy

iShares US Energy ETF (IYE) and Energy Select Sector SPDR (XLE) were 2% lower.

Technology

Technology Select Sector SPDR ETF (XLK) was down 2.8%; iShares US Technology ETF (IYW) and iShares Expanded Tech Sector ETF (IGM) were lower.

SPDR S&P Semiconductor (XSD) shed 1.8% and iShares Semiconductor (SOXX) dipped 1.1%.

Financial

Financial Select Sector SPDR (XLF) fell 2.4%. Direxion Daily Financial Bull 3X Shares (FAS) slumped 7.3% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) climbed 6.5%.

Commodities

Crude was down 0.4%; United States Oil Fund (USO) dropped 1.4%. Natural gas shed 0.5% and the United States Natural Gas Fund (UNG) was 1.3% lower.

Gold tumbled 1% based on Comex, and SPDR Gold Shares (GLD) was down 1.4% lower. Silver lost 3.9% and iShares Silver Trust (SLV) slumped 4.8%.

Consumer

Consumer Staples Select Sector SPDR (XLP) was 1.8% down; Vanguard Consumer Staples ETF (VDC) and iShares Dow Jones US Consumer Goods (IYK) were lower.

Consumer Discretionary Select Sector SPDR (XLY) dropped 2.5%; retail fund VanEck Vectors Retail ETF (RTH) and SPDR S&P Retail (XRT) were lower.

Health Care

Health Care Select Sector SPDR (XLV) fell 2.1%; iShares US Healthcare (IYH) and Vanguard Health Care ETF (VHT) were lower. iShares NASDAQ Biotechnology ETF (IBB) lost 2.7%.

Industrial

Select Sector SPDR-Industrial (XLI) edged down 1.4%. Vanguard Industrials (VIS) and iShares U.S. Industrials (IYJ) were weaker.