ETF Preview: Broad Market ETFs Slip Amid Mixed Earnings: Gold, Silver Funds Outshine Market

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Active broad-market exchange-traded funds in Wednesday's regular session:

SPDR S&P 500 ETF Trust ( SPY ): +1.21%

iPath S&P 500 VIX Short Term Futures TM ( VXX ): -9.58%

Select Financial Sector SPDRs ( XLF ): +1.95%, near 52-week highs

iShares MSCI Emerging Markets Index ( EEM ): +0.86%

PowerShares QQQ Trust, Series 1 ( QQQ ): +1.06%, with a new 52-week high of $80.42

Pre-Market Movers

FAS -0.75%

DUST -9.3%

ZSL -5%

UGL +5.7%

EWH -1.1%

Broad Market Indicators

Broad-market exchange-traded funds, including SPY, IWM, IVV and others, are all pulling back this morning to trade slightly lower. Actively traded PowerShares QQQ ( QQQ ) is down 0.3% after hitting a 52-week high of $80.42 Wednesday.

U.S. stock futures are lower this morning despite a deal to raise the U.S. government debt ceiling. Some mixed earnings reports are weighing on sentiment, with Goldman Sachs (GS) reporting revenue fell to $6.72 billion, missing expectations and IBM (IBM) posting its sixth consecutive quarterly drop in sales.

Power Play: Commodities

Crude oil has fallen 0.58%; United States Oil Fund (USO) is unchanged so far. Natural gas has fallen 0.78%, and United States Natural Gas Fund (UNG) if flat after a weaker close on Wednesday.

Gold was up 2.5%, recording its biggest gain in four weeks and helping SPDR Gold Trust (GLD) to a 3.2% bounce this morning. Silver was up 2.6%; iShares Silver Trust (SLV) is gaining 3.8%. Despite today's rise, most analysts are still bearish on gold, which is set to record its first annual slump in 13 years in 2013.

Winners and Losers

Technology

Technology ETFs are mixed. Technology Select Sector SPDR ETF (XLK) is flat; iShares Dow Jones US Technology ETF (IYW), down 0.14% after hitting a 52-week top of $80.43; iShares S&P North American Technology ETF (IGM) is unchanged and iShares S&P North American Technology-Software Index (IGV), is also quiet pre-market.

Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) is flat after setting a 52-week high of $58.76; Semiconductor Sector Index Fund (SOXX) and SPDR S&P International Technology Sector ETF (IPK) are flat but remain near 52-week high.s

In sector news, Verizon Communications (VZ) is up 3.07% at $48.61 in the pre-market session after the provider of communications, information and entertainment products and services reported its Q3 results. VZ reported Q3 adjusted EPS of $0.77 on operating revenues of $30.3 billion, compared with the prior-year period's $0.64 adjusted EPS on revenues of $29.01 billion. Analysts polled by Capital IQ were expecting EPS of $0.74 on revenues of $30.15 billion.

Financial

Select Financial Sector SPDRs ( XLF ) is down 0.68%. Direxion Daily Financial Bull 3X shares (FAS) has dropped 1.5%. Its bearish counterpart, FAZ, is up 1.4%, coming off a 52-week low of $26.33 set Wednesday.

Among stocks, Goldman Sachs (GS) reports Q3 EPS of $2.88, up from $2.85 per share last year and ahead of the analyst consensus of $2.43 per share on Capital IQ. Revenue was $6.72 billion, down from $8.35 billion in the year ago quarter and below the Street view of $7.22 billion. The stock is down 2.6% pre-market.

Energy -

Dow Jones U.S. Energy Fund (IYE) is unchanged after hitting a 52-week high of $48.72. Energy Select Sector SPDR (XLE) has slipped 0.2% after also hitting a new 52-week high of $86.07.

In sector news, Shares of Northern Oil & Gas, Inc. (NOG) are up $0.03 at $16.88 in pre-market, as the energy company reports that its Q3 2013 production is expected to average approximately 13,000 barrels of oil equivalent per day, up 19% from Q2 2013.

Commodities -

Crude oil has fallen 0.58%; United States Oil Fund (USO) is unchanged so far. Natural gas has fallen 0.78%, and United States Natural Gas Fund (UNG) if flat after a weaker close on Wednesday.

Gold was up 2.5%, and SPDR Gold Trust (GLD) has gained 3.2%. Silver was up 2.6%; iShares Silver Trust (SLV) is gaining 3.8%.

Consumer -

Consumer Staples Select Sector SPDR (XLP) is unchanged after a 1.46% gain Wednesday. iShares Dow Jones US Consumer Goods (IYK) and Vanguard Consumer Staples ETF (VDC) are also flat after gaining on Wednesday.

In sector news, Best Buy Co., Inc (BBY) was raised to Outperform from Perform at Oppenheimer. The price target was increased to $50 from $36 per share. BNN TV says the analyst sees improvement in its top-line trends. The shares are up 0.9% pre-market and earlier set a 52-week high of $42.30.

Healthcare -

Health Care SPDR (XLV) touched a new 52-week high of $52.35 in the after-hours session, though is unchanged so far this morning. Among other healthcare ETFs, iShares Dow Jones US Healthcare (IYH) has slipped 0.15%, coming off a 52-week high Wednesday and Biotech ETF iShares NASDAQ Biotechnology Index (IBB) is also slightly lower pre-bell. Vanguard Health Care ETF (VHT) is flat after hitting a 52-week high of $95.90.

In corporate news, Symmetry Medical (SMA) is down 3.63% at $8.24 in the pre-market session after the global provider of medical device solutions said Thursday that it expects Q3 revenues to be $98 million. Analysts polled by Capital IQ are expecting $102.59 million in revenues

Industrial -

Select Sector SPDR-Industrial (XLI) was leaning higher after hours; iShares Trust Dow Jones U.S. Industrial Sector Index Fund (IYJ) and Vanguard Industrials (VIS) were also quiet after gaining Wednesday.

Among stocks, Hubbell Incorporated (HUB.B) reported Q3 earnings of $1.62 per share, versus the Capital IQ consensus of $1.60. Revenues were $835.9 million, versus the analyst estimate of $849.05 million. In the same period last year, the company reported EPS of $1.45 on revenues of $789.7 million.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: EEM , QQQ , SPY , VXX , XLF

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