Homebuilder stocks have been roaring higher this year, putting a popular exchange-traded fund on pace for a record close. Shares of the SPDR S&P Homebuilders ETF were up 1.4% to almost $122, on pace for a record close based on data going back to 2006,

One of the exchange-traded fund tracking the S&P 500's communication services sector was headed for its all-time closing high on Wednesday. The Communication Services Select Sector SPDR Fund was popping 0.

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The S&P 500 had already been climbing as investors grew more confident that the Federal Reserve would cut interest rates by half a percentage point. Thursday’s gain put the index in range of a closing record.

Stocks are rallying hard following the Fed's interest-rate cut, but one portfolio manager believes Fed Chair Jerome Powell left investors with more questions than answers on Wednesday. Markets could see more volatility between now and the end of the year as a result.