ETFs that track the S&P, Dow, & Nasdaq have all plunged

Jun. 16, 2022 10:46 AM ETSPDR S&P 500 Trust ETF (SPY), IVV, VOO, QQQDIA, QLD, SSO, DDM, UPRO, TQQQ, UDOW, SP500, COMP.IND, DJIBy: Jason Capul, SA News Editor6 Comments

Falling stock market graph, economical crisis

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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.

Major Averages: S&P 500 (SP500) -3%, Nasdaq Composite (COMP.IND) -3.9%, and Dow Jones (DJI) -2.3%.

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%.

Falling even further are the 2X and 3X leveraged ProShares Ultra S&P 500 ETF (SSO) and UltraPro S&P 500 ETF (UPRO). SSO is -6.8% while UPRO has declined by 9.6%.

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%.

Leveraged funds including the 2X Ultra QQQ (QLD) and 3X UltraPro QQQ (TQQQ) have found themselves to be even deeper in the hole, dropping by 8.1% and 12.1%, respectively.

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.

Showing even deeper declines are the 2X leveraged Ultra Dow30 (DDM), which has dropped 5.1%, and the UltraPro Dow30 (UDOW), which has plunged 7.7%.

During Thursday's early trading, the Dow dipped below 30K for the first time since 2020.

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