Major stock-index ETFs took a breather Friday even as they eye solid weekly gains on the heels of the stock market's unexpected Trump rally. Gold is poised for a sharp weekly loss while some industrial commodities have seen a postelection surge.
SPDR S&P 500 (SPY) pulled back 0.6% on the stock market today but is poised for a 3.7% gain on the week.
This exchange traded fund, a proxy for the broad U.S. market, flirted with its August high of 219.60 in Thursday's session.
SPDR Gold Shares (GLD) dropped nearly 2% in morning trade. The commodity exchange traded fund is eyeing a 5.3% weekly loss following the greenback's rally on Trump's victory.
Meanwhile, copper has surged on expectations of higher infrastructure spending by the coming U.S. administration to kick-start economic growth and create new jobs, especially in the Rust Belt. Global X Copper Miners (COPX) rose early Friday before reversing for a loss. But it has booked a 16% gain so far this week. COPX gives investors access to a broad range of copper mining companies.
The industrial metal has notched its most rapid advance in roughly 35 years amid a global commodity market rally in the wake of Trump's U.S. victory, reports said.
Gold prices dropped to a five-month low Friday on technical selling pressure and a higher risk appetite among traders and investors worldwide, according to Kitco News.
"December gold prices dropped below what was important near-term chart support at the October low of $1,243.20," wrote Jim Wyckoff, Kitco's senior technical analyst. "The breach of that price level triggered sell stop orders in the futures market."
Real estate topped advancing S&P 500 sectors with a 0.4% gain Friday, bouncing higher after two down days that took it to its lowest level since February. Defensive sectors were hard hit as investors turned bullish on stocks following the Nov. 8 election result.
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