ETF Prices Today: SPY and IWM Edge Up, QQQ Slips as Oil, Gold and Silver Rally

U.S.-listed exchange-traded funds (ETFs) traded in a split pattern on Wednesday, December 17, 2025, with broad equity ETFs modestly higher while growth and high-momentum exposures lagged. The day’s ETF price action is being shaped by a familiar late-year mix: fresh signals on the interest-rate path, renewed debate over AI spending and funding, and a sudden burst of commodity volatility driven by geopolitics. ^[1]

On the policy front, Fed Governor Christopher Waller said U.S. monetary policy remains in restrictive territory and that the Fed still has room to cut rates as the labor market softens—language that typically supports rate-sensitive assets, even if markets are still debating timing. ^[2]

Meanwhile, the Federal Reserve’s year-end liquidity plans—including stepped-up Treasury bill purchases—are helping ease the usual anxiety around funding markets going into the turn of the year. ^[3]

And on the risk side, tech sentiment took another hit after a report that Oracle’s data-center financing plans ran into fresh turbulence—keeping investors cautious on the parts of the market most exposed to AI capex and leverage. ^[4]

ETF prices today: the key US ETFs investors watch

Below is a snapshot of major U.S.-listed ETFs in the latest available trading update for Dec. 17, 2025 (prices and moves are intraday and can change quickly).

Broad U.S. equity ETFs

SPDR S&P 500 ETF Trust (SPY): $682.04 (+0.48%)
Vanguard S&P 500 ETF (VOO): $627.42 (+0.49%)
iShares Core S&P 500 ETF (IVV): $681.42 (+0.48%)
Vanguard Total Stock Market ETF (VTI): $308.01 (+0.40%)
SPDR Dow Jones Industrial Average ETF (DIA): $481.14 (+0.44%)
iShares Russell 2000 ETF (IWM): $229.66 (+0.58%)
Invesco S&P 500 Equal Weight ETF (RSP): $191.99 (-0.11%)

Tech, growth, semiconductors, and momentum

Invesco QQQ Trust (QQQ): $613.76 (-0.15%)
Technology Select Sector SPDR Fund (XLK): $281.38 (-0.20%)
VanEck Semiconductor ETF (SMH): $383.05 (-0.42%)
iShares MSCI USA Momentum Factor ETF (MTUM): $237.64 (-1.78%)
ARK Innovation ETF (ARKK): $59.01 (-2.74%)

Financials and defensives

Financial Select Sector SPDR Fund (XLF): $59.88 (+0.86%)
Health Care Select Sector SPDR Fund (XLV): $146.92 (+0.27%)
Schwab U.S. Dividend Equity ETF (SCHD): $27.74 (+0.33%)
iShares MSCI USA Min Vol Factor ETF (USMV): $98.08 (+0.22%)

Bonds: Treasuries, aggregate, credit, and inflation-protected

iShares 20+ Year Treasury Bond ETF (TLT): $87.81 (-0.09%)
iShares 7–10 Year Treasury Bond ETF (IEF): $94.09 (-0.08%)
iShares Core U.S. Aggregate Bond ETF (AGG): $94.03 (-0.12%)
Vanguard Total Bond Market ETF (BND): $70.76 (-0.09%)
iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD): $105.23 (-0.13%)
iShares iBoxx $ High Yield Corporate Bond ETF (HYG): $78.15 (-0.03%)
iShares TIPS Bond ETF (TIP): $107.12 (-0.01%)

Commodities and real assets

SPDR Gold Shares (GLD): $396.15 (+0.96%)
iShares Silver Trust (SLV): $60.80 (+3.97%)
United States Oil Fund (USO): $64.95 (+1.87%)
Invesco DB Commodity Index Tracking Fund (DBC): $27.76 (+0.80%)
VanEck Gold Miners ETF (GDX): $57.90 (+0.41%)

Crypto-linked ETF (spot bitcoin exposure)

iShares Bitcoin Trust ETF (IBIT): $66.32 (-2.56%)

Why ETFs are moving today: the three forces driving prices

1) Fed signals + year-end liquidity support

The clearest macro theme in today’s ETF tape is the push-pull between rate-cut optimism and data uncertainty.

Waller said rates are still 50–100 basis points above neutral, implying room to move down gradually as the labor market softens. ^[5]
Separately, the Fed’s liquidity measures are calming money-market nerves into year-end. Reuters reported the Fed’s near-term plan to buy about $40 billion per month in Treasury bills, on top of $15 billion in bill reinvestment from maturing MBS proceeds. ^[6]

ETF implication: this backdrop usually helps explain why long-duration and core bond ETFs can stay orderly even when equities are choppy—yet with inflation data still ahead, bond prices are not making a one-way move. ^[7]

2) AI funding worries hit growth and momentum exposures

Broad U.S. equity ETFs have been resilient, but tech-heavy and “high-momentum” ETFs are acting more fragile. A key headline today: Reuters reported that Blue Owl Capital walked away from funding talks tied to a $10 billion Oracle data center, raising fresh questions about the financing mechanics behind the AI buildout. ^[8]

Reuters also noted ongoing investor sensitivity around whether the tech sector is leaning too hard on debt and spending to pursue AI ambitions—pressure that showed up again in the day’s sector tone. ^[9]

ETF implication: when “AI infrastructure funding” becomes the headline, it tends to ripple beyond single stocks into QQQ-style growth, semiconductor baskets, and momentum factor ETFs—especially late in the year when positioning can amplify moves. ^[10]

3) Commodities are back in the spotlight: oil and precious metals surge

The day’s most decisive ETF leadership is in commodities—particularly oil, silver, and gold.

Oil jumped after Reuters reported that President Donald Trump ordered what he called a “complete blockade” of sanctioned oil tankers entering and leaving Venezuela, injecting geopolitical risk back into crude pricing. ^[11]
Silver hit a record—Reuters reported spot silver briefly topping $66/oz (record high cited at $66.52), with an analyst pointing to $70/oz as a near-term target. Gold also firmed as rate-cut expectations and safe-haven demand grew. ^[12]

ETF implication: these moves translate quickly into USO/energy ETFs on the oil side and into SLV/GLD and gold-miner ETFs on the metals side—exactly what today’s tape is showing.

Equity ETFs: broad market steady, but leadership is rotating

Reuters described U.S. stocks as slightly higher in volatile trading, with energy rebounding and ongoing caution around tech. At one point in the morning, Reuters pegged the major indexes modestly higher (Dow +0.35%, S&P 500 +0.11%, Nasdaq +0.08%). ^[13]

What stands out for ETF investors is the shape of performance:

SPY/VOO/IVV are higher, signaling steady “core beta.”
IWM is outperforming large-cap growth today, consistent with Reuters’ point about rotation toward small capsalongside healthcare and banks. ^[14]

And that small-cap debate is not just a one-day trade. A Dec. 17 analysis on ETFDB highlighted how small caps have had “false starts” in 2025, but it also noted a pickup in appetite in November and cited commentary suggesting 2026 could be more constructive for smaller companies if multiple macro factors align. ^[15]

Bond ETFs: waiting on inflation, but the “rate-cut runway” is still the story

Bond ETFs are close to flat to slightly lower today—TLT, AGG, and BND are all modestly down in the latest snapshot.

That relatively calm tape makes sense against two competing narratives visible in today’s reporting:

Dovish tilt: Waller emphasized there is “no rush,” but the Fed can bring rates down steadily toward neutral if needed. ^[16]
Event risk: Reuters flagged upcoming inflation releases as the next major catalysts (CPI due Thursday; PCE due Friday). ^[17]

Add the Fed’s bill-buying plan meant to stabilize funding markets into year-end, and you have a bond market that is less stressed than usual—even if investors remain sensitive to inflation surprises. ^[18]

Commodity ETFs: silver steals the show, gold outlook turns into a 2026 trade

Silver and gold are doing two jobs at once: responding to rate expectations and acting as a geopolitical hedge.

Reuters’ metals report highlighted silver’s record move and connected strength in gold and silver to renewed expectations for rate cuts after signs of labor-market cooling, while also noting safe-haven demand linked to U.S.–Venezuela tensions. ^[19]

That’s the “today” story. The “next year” story is even bigger:

Reuters published a Dec. 17 deep dive on gold’s 2025 surge and the 2026 outlook, citing forecasts from major banks and research groups that see gold potentially approaching $5,000/oz in 2026, even if the pace of gains slows. The report referenced projections from JP Morgan, Bank of America, Metals Focus, and others, and emphasized central bank demand as a key structural support. ^[20]

ETF implication: for investors who use ETFs as macro building blocks, today is a reminder that GLD/SLV can behave less like “side bets” and more like primary drivers of diversified portfolio returns when commodities trend strongly. ^[21]

Crypto ETFs: bitcoin-linked funds slide as investors turn cautious

Bitcoin-related ETFs were weaker today, with IBIT down in the latest snapshot.

Reuters’ Dec. 17 analysis described a broader shift in crypto markets after a sharp drawdown from October highs, with investors becoming more cautious and leaning toward more risk-managed strategies. ^[22]

Separately, multiple market reports have highlighted that spot bitcoin ETFs have recently seen outflows during the correction (including a reported $277 million net outflow on Dec. 16), reinforcing the idea that ETF flow data is becoming an increasingly important “sentiment dashboard” for digital assets. ^[23]

What to watch next: the catalysts that could move ETF prices fast

With two weeks left in the year, ETF pricing can be unusually sensitive to both macro prints and headline risk. The next likely market-moving items:

U.S. inflation data (CPI Thursday; PCE Friday) — key for both bond ETFs and equity valuation assumptions. ^[24]
Further Fed communication — especially if officials expand on how they define “neutral” and how quickly rates could move toward it. ^[25]
AI capex and financing headlines — today’s Oracle/Blue Owl story shows how quickly “funding” concerns can pressure growth, semis, and momentum ETFs. ^[26]
Oil geopolitics — Venezuela policy headlines are directly translating into crude pricing, which can swing energy and broad commodity ETFs. ^[27]
Metal momentum — after record silver levels, traders will watch whether the rally cools or extends—and how much it pulls gold-related ETFs with it. ^[28]

Note: This article is for informational purposes only and does not constitute investment advice. ETF prices are intraday and may change rapidly with market conditions.

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