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ETF Preview: ETFs, Futures Point Lower As Focus Remains on Tax Plan Concerns, Trump's Asian Visit


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Active broad-market exchange-traded funds ahead of Monday's regular session:

SPDR S&P 500 ( SPY ): -0.3%

iPath S&P 500 VIX Short Term Futures ETN ( VXX ): +0.6%

iShares MSCI Emerging Index Fund ( EEM ): -0.4%

ProShares Trust Ultra VIX Short Term Futures ETF ( UVXY ):.+1.1%

iShares iBoxx $ High Yield Corporate Bond ETF ( HYG ): +0.2%

Broad Market Indicators

Broad-market exchange-traded funds, including SPY, IWM and IVV were lower. Actively traded PowerShares QQQ (QQQ) was down 0.3%.

US stock futures look to extend last week's losses as concerns over the government's tax reform plan continued to weigh on market sentiment

Investors are also keeping an eye on President Donald Trump's trip to Asia, where he is currently attending the ASEAN Summit in Manila, Philippines. He had said late Sunday that he will be releasing a "major statement" on trade on Wednesday.

Looking ahead, the October report for the U.S. federal budget will be released at 2 pm ET.

Power Play: Consumer

Consumer Staples Select Sector SPDR (XLP) was down 0.2% while other consumer staples funds Vanguard Consumer Staples ETF (VDC) and iShares Dow Jones US Consumer Goods (IYK) were inactive.

Consumer Discretionary Select Sector SPDR (XLY) and retail funds SPDR S&P Retail (XRT), PowerShares Dynamic Retail (PMR) and Market Vectors Retail ETF (RTH) were quiet in pre-market trade.

Mattel (MAT) shares surged 22% after Reuters over the weekend cited an unnamed person with knowledge of the matter as saying that Hasbro (HAS) has made a new approach to acquire the company. The report cited the person as saying that it is not clear what Mattel's stance is and it is unclear if a deal will materialize. HAS shares were up more than 3%.

Winners and Losers

Financial

Select Financial Sector SPDRs (XLF) was flat. Direxion Daily Financial Bull 3X shares (FAS) were down 0.8% and its bearish counterpart, FAZ was up 0.9% in pre-market trading .

Ladenburg Thalmann Financial Services Inc (LTS) has launched an underwritten registered public offering of $40 million aggregate principal amount of senior notes due 2027. The company intends to grant the underwriters a 30-day option to purchase up to an additional $6 million aggregate principal amount of notes in connection with the offering solely to cover overallotments, if any. The notes are expected to be listed on the NYSE American. The company said it plans to use the net proceeds from the offering for general corporate purposes.

Technology

Technology Select Sector SPDR ETF (XLK), iShares Dow Jones US Technology ETF (IYW), iShares S&P North American Technology ETF (IGM) and iShares S&P North American Technology-Software Index (IGV) were flat.

Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) and Semiconductor Sector Index Fund (SOXX) were also quiet ahead of opening bell.

58.com (WUBA) American depositary receipts rose 2% after the company reported better-than-expected results for Q3 while providing its outlook for Q4. Non-GAAP diluted earnings per ADR was RMB3.23 ($0.49), up from a loss of RMB0.13 and exceeding the average analyst forecast of $0.33. Revenues in Q3 grew to RMB2.72 billion ($410.2 million) from RMB2.04 billion, also beating Street view of $392.6 million. For Q4, revenues are expected to be between RMB2.63 billion ($396 million) and RMB2.73 billion ($411 million), above the $394.6 million consensus.

Energy

Dow Jones U.S. Energy Fund (IYE) was flat and Energy Select Sector SPDR (XLE) was down 0.1%.

Hess (HES) said that production at some of its fields is shut in after a fire at the Royal Dutch Shell (RDS.A) Enchilada platform in the Gulf of Mexico. It noted that all production coming into the Garden Banks Gas Pipeline system also remains shut in until further notice. The company said production is shut in at its Baldpate, Conger and Penn State Fields. Production is also shut in at the Shell-operated Llano Field, where Hess owns a 50% stake. Total output from these fields is about 30,000 barrels of oil equivalent per day. Shell said in a separate statement on Sunday that it is the process of developing a plan for repairing the damaged portions of the asset and re-deploying personnel. There is no timeline to resume normal operations. It it and the Bureau of Safety and Environmental Enforcementare investigating the cause of the incident. Hess said it is working with the operator to understand the timing for a restart.

Commodities

Crude was up 0.1%. United States Oil Fund (USO) was down 0.1%. Natural gas was down 1.2% while United States Natural Gas Fund (UNG) was down 1.7%.

Gold was up 0.3%. SPDR Gold Trust (GLD) was up 0.3%. Silver was up 0.02% while iShares Silver Trust (SLV) was down 0.1%.

Health Care

Health Care SPDR (XLV) , Vanguard Health Care ETF (VHT) and iShares Dow Jones US Healthcare (IYH) were inactive. Biotechnology fund iShares NASDAQ Biotechnology Index (IBB) was down 0.2%.

Argos Therapeutics (ARGS) shares rose over 77% after the company said Saturday that an interim analysis of data from an ongoing phase 3 trial show that the data are "generally supportive" of its hypothesis regarding the intended mechanism of action of Rocapuldencel-T to induce an immune response against the tumor in patients with metastatic renal cell carcinoma.

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Investing , ETFs
Referenced Symbols: SPY , VXX , EEM , UVXY , HYG


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