Many ETFs remained under pressure midday Wednesday ahead of the Federal Reserve's interest-rate decision due out at 2 p.m. ET.
The Nasdaq composite stumbled 0.5%, the S&P 500 slipped 0.2% and the Dow Jones industrial average gave up 0.1%. The small-cap Russell 2000 shed 0.7%. IShares Russell 2000 ( IWM ) fell nearly 1% as it dips further below a 149.06 flat-base buy point cleared April 26.
ProShares UltraPro Short QQQ ( SQQQ ), up more than 1%, led the upside among exchange traded funds. Shares have been on a multiyear slide and are 61% below their 52-week high.
On the flip side, ProShares UltraPro QQQ ( TQQQ ) fell more than 1% but is only slightly off its Tuesday record high. It has rallied more than 11% since rebounding off its 50-day moving average two weeks ago.
PowerShares QQQ Trust ( QQQ ), which tracks the Nasdaq 100 index made up of the largest nonfinancial stocks on the Nasdaq, was down 0.3% and is less than 1% off its all-time peak reached Tuesday. Shares are up 5% from a recent bounce off the 50-day line.
Among sector funds, Technology Select Sector SPDR ( XLK ) was down 0.3% as Apple (AAPL) weighed. Apple pared its loss to 0.4%. It had fallen 2% in early trade after reporting mixed fiscal Q2 results late Tuesday. The iPhone maker's earnings beat, but sales missed. Shares are just below their all-time high from the previous session.
Energy Select Sector SPDR (XLE) reversed slightly lower as West Texas intermediate oil prices edged down 0.2% to $47.58 a barrel. Despite oil's reversal, Chevron (CVX) and Exxon Mobil (XOM) were among the biggest blue chip gainers.
Meantime, SPDR Gold Trust (GLD) and iShares Gold Trust (IAU) underperformed in the commodity ETF universe, each down nearly 1%. Gold futures fell 0.6% to $1,249.10 an ounce.
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