Markets moved sharply higher after fluctuating mid-morning Thursday, potentially breaking a four-day losing streak, the S&P 500’s longest decline since January, according to FactSet.
SPIE, the SPDR S&P 500 ETF Trustadded 0.5%, while DIA, the SPDR Dow Jones Indus0.5% Trial Average ETF Trust 0.8% gained. QQQ, the tech-heavy Invesco QQQ Trust which mirrors the Nasdaq, rose 0.3% as investors looked ahead to tech earnings.
Investors are looking optimistically at the technology sector today. Netflix is ​​the first of the megacap tech companies (companies with a market capitalization of roughly $200 billion or more) to report first-quarter operating earnings after the bell. Technology companies are leading the markets this year, despite an environment of higher and longer interest rates that generally keeps them under pressure.
XLK, the Technology Select Sector SPDR Fund (which remains a barometer for the tech sector despite not being owned by Netflix), has fluctuated between higher and lower ahead of Netflix’s earnings. The fund is up 5% this year, and a whopping 37% since last year. XLG, the Invesco S&P 500 Top 50 ETF that Netflix holds in its fund rose by almost half a percentage point on Thursday morning.
XLK-1 year chart
Source: etf.com
SQQQ, the ProShares UltraPro Short QQQ– which is counting on technology stock prices to fall – was in the red, ahead of tech industry gains, and down about half a percentage point.
Ahead of this week’s Bitcoin halving, Bitcoin prices rose to nearly $63,800, according to data from CoinMarketCap. Cryptocurrency ETFs were the biggest gainers on Thursday, according to data from etf.com. BTFX, the Valkyrie Bitcoin Futures Leveraged Strategy ETF saw the largest increase, with an increase of more than 9%. BITX, BITU, CONL and CRPT all advanced 7%-10%.
Bitcoin halvings have historically preceded rallies in the price of bitcoin. But it is unclear whether history will repeat itself this year since the introduction of spot bitcoin ETFs that have already driven jumps in bitcoin.
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