ETF Preview: ETFs, Futures Weaker on Debt Ceiling, Fed Tapering Concerns - Durable Goods, New Home Sales Data Still Ahead

By Staff,

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

SPDR S&P 500 ( SPY ): -0.22%

iShares S&P 500 ( IVV ): -0.22%

PowerShares QQQ ( QQQ ): +0.20%

iShares Russell 2000 ( IWM ): +0.26%

iShares Russell 1000 Growth ( IWF ): -0.10%

iShares MSCI Emerging Markets Index (EEM): -0.90%

United States Oil Fund (USO): -0.13%

SPDR Gold Shares (GLD): +0.11%

Select Financial Sector SPDRS (XLF): -0.60%

Pre-Market Most Active:

SPY, -0.05%

IWM, -0.01%

EEM, -0.02%

GDX, +0.52%

VXX, -0.14%

Broad Market Indicators

Broad-market exchange-traded funds, including SPY, IWM, IVV and others, are weaker. Actively traded PowerShares QQQ ( QQQ ) is down 0.11%.

U.S. stock futures are edging lower amid choppy trading in the pre-market session, with continued uncertainty over the U.S. debt ceiling and the Federal Reserve's tapering of its bond-buying program. Investors will be looking at economic data on tap - August durable orders will be reported at 8:30 am ET, while new home sales for August is scheduled for release at 10 am ET. The report on petroleum inventories will be released at 10:30 am ET.

Winners and Losers

Financial -

Select Financial Sector SPDRs (XLF) is up 0.05%. Direxion Daily Financial Bull 3X shares (FAS) is down 0.16%. Its bearish counterpart, FAZ, is up 0.24%.

Among financial stocks, Marsh & McLennan Companies (MMC) has priced $250 million of 2.55% senior notes due 2018 and $250 million of 4.05% senior notes due 2023. The company intends to use the net proceeds for general corporate purposes, which will include the redemption of $250 million of the outstanding principal amount of its existing 5.75% senior notes due September 2015.

Technology -

Tech ETFs 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) are leaning higher.

Semiconductor ETFs, SPDR S&P Semiconductor (XSD) and Semiconductor Sector Index Fund (SOXX) look to open in the green.

SPDR S&P International Technology Sector ETF (IPK) is headed for a flat to higher open.

In sector news, AT&T (T) CEO Randall Stephenson said the company will likely not acquire Dish Network (DISH) amid a challenging regulatory environment, the Wall Street Journal reports, citing Stephenson's comments at an investor conference Tuesday.

Energy -

Dow Jones U.S. Energy Fund (IYE) and Energy Select Sector SPDR (XLE) are heading for a firmer start.

In sector news, Noble Corporation (NE) is up 3.48% after the company said late Tuesday it is planning on establishing a separate business comprised of many of its standard specification drilling units, resulting in the creation of two separate offshore drilling companies.

Commodities -

November crude is up 0.57% ahead of the petroleum inventories report at 10:30 am ET; November natural gas is up 0.65%. United States Oil Fund (USO) is up 0.75%. United States Natural Gas Fund (UNG) is flat.

December gold is up 0.42% and silver for December delivery is up 0.34%. Among rare metal funds, SPDR Gold Trust (GLD) is down 0.13%; iShares Silver Trust (SLV) is down 0.24%.

Consumer -

Consumer ETFs Consumer Staples Select Sector SPDR (XLP), iShares Dow Jones US Consumer Goods (IYK), and Vanguard Consumer Staples ETF (VDC) are pointing to a higher start.

In sector news, Ascena Retail (ASNA) is up 14.32% after the company reported late Tuesday Q4 EPS from continuing ops of $0.23 per share and adjusted EPS of $0.34, vs. the analyst consensus of $0.20 per share on Capital IQ. Sales were $1.19 billion, vs. expectations of $1.16 billion.

Power Play -

Healthcare -

Healthcare ETFs Health Care SPDR (XLV), Vanguard Health Care ETF (VHT), and iShares Dow Jones US Healthcare (IYH) are pointing to a negative start. Biotech ETF iShares NASDAQ Biotechnology Index (IBB) is also pointing lower.

In corporate news, Oncothyreon Inc. (ONTY) is surging 33.33% in pre-market trading after it announced that Merck Serono, the biopharmaceutical division of Merck KGaA, has decided to continue clinical development of the investigational MUC1 antigen-specific cancer immunotherapy tecemotide. Merck Serono, which is developing tecemotide under a license agreement with Oncothyreon, will conduct a new Phase 3 trial called START2 for patients with unresectable, locally advanced Stage III non-small cell lung cancer.

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) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: IVV , IWF , IWM , QQQ , SPY

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