Benchmark exchange traded funds that track the three major averages have started off Thursday’s trading session well into the red. The slide has come as market participants look to unload positions a day after Fed Chairman Jerome Powell announced a 75-basis point rate hike, as well as signaled the possibility of a similar increase at the Fed's next meeting.
S&P 500 ETFs: The SPDR S&P 500 ETF Trust (NYSEARCA:SPY), iShares Core S&P 500 ETF (NYSEARCA:IVV), and Vanguard 500 Index Fund (NYSEARCA:VOO), which each mirror the S&P each find themselves lower by 3%.
Nasdaq ETFs: The world’s fifth largest exchange traded fund Invesco QQQ Trust (NASDAQ:QQQ), with north of $150B assets under management, has sold off 4%.
Dow ETFs: The Dow Jones-tracking SPDR Dow Jones Industrial Average ETF (DIA) has fallen 2.6% in the wake of Wall Street’s selloff.
During Thursday's early trading, the Dow dipped below 30K for the first time since 2020.