U.S. stock markets have been continuing decline into Wednesday due to weak U.S. manufacturing data and various other global economic and political policy reports that are igniting fears of an impending global recession. Currently, the Dow Jones Industrial Average (DIA) has dipped lower into the red mid-week, along with the S&P 500 Index (SPY) and the Nasdaq Composite Index (QQQ), demonstrating a retraction in trade and profits.
Mid-week reading of the SPDR S&P 500 ETF Trust (SPY) took a dramatic dive early in the week with a 5-Day return of -3.62%. The Invesco QQQ Trust (QQQ) saw a similar drop starting Monday, with its 5-Day return reading -3.66%.
In Sector ETF news, Energy (XLE) has seen a decline, with 5-Day returns dropping -6.43%, Financial (XLF) returns lowering to -4.38%, Utilities (XLU) sliding -1.35%, Industrials (XLI) slumping -4.76%, Technology (XLK) declining -3.38%, Consumer Staples (XLP) lessoning -1.48%, and Consumer Discretionary (XLY) showing a return of -2.64%.
In Commodity ETF news, SPDR Gold Shares (GLD) have seen a recent decline but are on the uprise mid-week. The price of gold and silver has been increasing this week following heavier investment in precious metals that are usually 'safer' investments in time of economic decline. United States Natural Gas Fund (UNG) has seen a recent dip in price with the United States Oil Fund (USO) also showing a similar lowering in price.
Continuing into the first week of October, it seems that the market will continue to decline due to furtherment of poor U.S and global economic data for the month of September and geopolitical uncertainty as Congress continues the impeachment inquiry into President Donald Trump and Brexit looms closer. Investors are becoming wary of a global recession, and the markets keep demonstrating investor fears.