--- title: "Gold-miner and solar funds rose after the midterms, and chip funds fell" url: "https://etf.net/news/gold-miners-solar-rise-chips-fall-2026-11-06" published_at: "2026-11-06T23:04:47.649Z" updated_at: "2026-11-06T23:04:47.649Z" byline: "ETF.net Research" --- # Gold-miner and solar funds rose after the midterms, and chip funds fell The gap opened on Wednesday, while stocks were still rising, and it was still there at Friday's close. By ETF.net Research. Published Nov 6, 2026. Leaving out leveraged and inverse funds, gold-miner funds rose as much as **16.4%** in the week ended Friday, Nov. 6. Invesco Solar ETF, TAN, rose 13.4%, and chip funds fell 11.2% and 13.1%. Chart: Gold-miner and solar funds **rose**; chip funds fell The biggest gain, at 16.4%, was WisdomTree Efficient Gold Plus Gold Miners Strategy Fund, GDMN. State Street SPDR S&P 500 ETF, SPY, fell 2.7% from the Friday, Oct. 30 close. Invesco QQQ Trust, Series 1, QQQ, which tracks the Nasdaq-100, fell 5.0%. iShares Russell 2000 ETF, IWM, a fund of smaller U.S. companies, fell 2.0%. ### After the midterm results Democrats won both the House and the Senate in Tuesday's U.S. midterm elections, Reuters reported. On Wednesday, Nov. 4, with the results in, SPY rose 1.7%. VanEck Gold Miners ETF, GDX, rose 9.0% and TAN rose 5.7%, while VanEck Semiconductor ETF, SMH, fell 2.7%. Reuters reported that gold climbed as the dollar slid after Democrats swept the midterms. The same day, Reuters reported that data-center stocks slid while clean-energy shares rallied after Democrats seized Congress, and that investors repositioned for tougher scrutiny of the artificial intelligence boom and a shift in policy priorities. On Thursday, SPY fell 4.4% and GDX rose 1.4%. SMH fell 11.2%. On Friday, State Street SPDR Gold Shares, GLD, fell 0.8% and GDX rose 2.2%. SMH rose 3.6%. Chart: **GDX** jumped 9% Wednesday; **SMH** dropped 11% Thursday ### Gold miners and solar GDX rose 13.6% for the week. VanEck Junior Gold Miners ETF, GDXJ, rose 13.4%. GLD rose 4.7%. GDX's gain was nearly three times the move in the metal. Newmont, the largest holding in GDX, rose 13.4%. Agnico Eagle, the second largest, rose 15.8%. TAN rose 13.4% for the week. It was already higher on Monday and Tuesday, before the results, and Wednesday added 5.7%. Thursday took 3.7% off. Friday put 3.4% back, leaving the fund a little below Wednesday's close. First Solar rose 15.3%. Nextpower, TAN's largest holding, rose 32%. GDX is up 2.1% for the year. TAN is down 7.2% in 2026, and First Solar is down 23%. ### Chip funds SMH fell **11.2%** for the week. It is still up 29% in 2026. iShares Semiconductor ETF, SOXX, fell 13.1%. State Street Technology Select Sector SPDR ETF, XLK, fell 8.2%. SMH also fell 11.2% on Thursday. The other four sessions offset one another, including a 3.6% rise on Friday, so the week's loss is that one day. Nvidia, the largest holding in SMH, fell 8.8%. Micron fell 22%. Roundhill Investments' Roundhill Memory ETF, DRAM, fell 18.2%, a deeper loss than either broad chip fund. [Fox Business reported](https://www.foxbusiness.com/markets/stocks-nov-5-2026) on Thursday that technology and chip stocks were among the hardest hit as investors weighed what the Democratic victories could mean for artificial intelligence regulation and data-center development. "The market's interpretation is that the AI infrastructure buildout will become slower and more expensive, which is rewriting growth expectations across the whole supply chain," Jakub Rochlitz, a market analyst at eToro, told Fox Business. ### Marvell's deal for Lumentum [Marvell said](https://investor.marvell.com/news-events/press-releases/detail/1040/marvell-and-lumentum-to-combine-creating-a-category-leader-in-ai-connectivity) it would buy Lumentum in an all-stock deal. Lumentum stockholders are to receive a fixed 4.5 shares of Marvell for each share they own. The companies put the implied enterprise value at $115 billion, about $1,132 a share, a premium of about 23.9% based on both companies' Oct. 28 closing prices. They called Oct. 28 the last session before speculation about a deal began. That premium was not measured against Monday's price. From those Oct. 28 closes to Friday, Oct. 30, Marvell had already fallen 22% and Lumentum had fallen 8%. On Monday, the day of the announcement, Marvell fell another 12.7% and Lumentum fell 18.6%. The election results were still two days off. Reuters called the deal costly. It reported that Marvell fell as some analysts doubted whether the chipmaker was stretching itself too thin, and that Lumentum was vulnerable to swings in Marvell's shares under the deal. For the week, Lumentum fell 36% and Marvell fell 28%. Lumentum is the largest stock holding in Tema Photonics & Optical ETF, LAZR, which fell 21.5%, and in Roundhill Investments' Roundhill Photonics & Optics ETF, LYTE, which fell 21.1%. ### A tanker-freight fund Amplify's Breakwave Tanker Shipping ETF, BWET, fell **30.2%**, the week's worst result among funds that are not leveraged or inverse. It holds futures on the cost of shipping crude oil, not the oil. It rose 1.0% on Friday, after falling every session from Monday through Thursday, including 17.2% on Wednesday. Source: etf.net, https://etf.net/news/gold-miners-solar-rise-chips-fall-2026-11-06. Please cite the page URL.