ETF Preview: Major Market Funds Moving Lower on Greece Concerns; Commodities Slip

By Staff,

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SPDR S&P 500 (SPY): -0.2%

iShares S&P 500 (IVV): -0.2%

PowerShares QQQ (QQQ): -0.2%

iShares Russell 2000 (IWM): -0.4%

iShares Russell 1000 Growth (IWF): -0.01%

iShares MSCI Emerging Markets Index ( EEM ): -0.8%

United States Oil Fund (USO): -0.5%

Pre-Market ETF Most Actives:

SPY, -0.2%

SLV, -0.6%

QQQ, -0.2%

GLD, -0.3%

SDS, +0.5%

Winners and Losers

Broad-market exchange traded funds are seeing pressure ahead of the opening bell, with QQQ, SPY and IWM all sitting in the red as investors remain firmly focused on Greece's debt problems and several economic reports, including the weekly jobless claims and May housing starts, on tap. Across the pond, Greece Prime Minister George Papandreou is looking to reorganize his cabinet in bid to gain support for the latest austerity package in that country.

Technology -

Active tech shares are broadly lower. Among those stocks moving this morning: Apple ( AAPL ), down 0.3%; Intel (INTC), down 0.6%; Microsoft (MSFT), down 0.1%; Cisco ( CSCO ), down 0.3%; Google (GOOG), down 0.2%.

Shares of networking equipment maker Finisar Corp. ( FNSR ) are down sharply after the company reported late yesterday that fiscal Q4 non-GAAP EPS was $0.33 compared to $0.22 a year earlier, meeting the Thomson Reuters mean analyst estimate. Revenues were $236.9 million, 25.7% greater than the prior year period. The Street expected $242 million. For Q1, the company is guiding for revenue in the range of $221 to $236 mln and EPS of about $0.16 to $0.20 per share. The Street is at $252 mln in revenue and earnings of $0.36 per share.

Technology Select Sector SPDR (XLK), iShares Dow Jones US Technology (IYW) is setting up for flat to lower action. Software HOLDRS ( SWH ), iShares S&P GSTI Software Index Fund (IGV), Merrill Lynch Internet Architecture HOLDRs (IAH), Morgan Stanley Technology (MTK) and First Trust Nasdaq 100 Technology (QTEC) are lightly and flat in pre-market trading.

Healthcare -

Leading healthcare shares are lower in pre-market action. Pfizer (PFE) is down 0.6%. Johnson & Johnson (JNJ) is down 0.2%.

The US Food and Drug Administration is weighing in on several drugs this morning. Shares of Bristol Myers Squibb (BMY) are higher after the company said that the U.S. Food & Drug Administration has approved Kidney transplant drug NULOJIX. Also, Aegerion Pharmaceuticals (AEGR) says it concluded a pre-new drug application meeting with the FDA related to its investigational drug candidate, lomitapide, for the treatment of homozygous familial hypercholesterolemia (HoFH). Following the meeting, the company said it intends to proceed with its NDA submission as previously announced.

SPDR S&P Pharmaceuticals (XPH), PowerShares Dynamic Pharmaceuticals (PJP) and Pharmaceutical HOLDRs (PPH) are all seeing mild interest ahead of the open.

Commodities and Mining -

SPDR Gold Shares (GLD) is down 0.03%. Market Vectors Gold Miners (GDX) is down 0.6%. iShares Silver Trust (SLV) is down 0.6%. ProShares UltraShort Silver (ZSL) is up 1.6% and remains an active-volume mover.

Power Play -

Watch retail and consumer ETFs through the day with earnings coming from several sector names. Pier 1 Imports (PIR) says it earned $0.12 per share in Q1. Sales were $334.603 million. A survey of analysts by FactSet Research produced consensus estimates of $0.11 a share of profit on $335.6 million of revenue. Also, Smithfield Foods (SFD) says Q4 adjusted EPS were $0.85 on sales of $3.1 billion. Analysts on average were expecting a profit of $0.82 a share on revenue of $3.23 billion, according to Thomson Reuters. The company also said its board has authorized it to buy back up to $150 million of common stock over the next two years.

In consumer ETFs, SPDR S&P Retail (XRT) is tilting to the downside, now trading down 0.02%. The Direxion Daily Retail Bull (RETL) and Consumer Staples Select Sect. SPDR (XLP) are seeing moderate interest in the pre-market session.

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: AAPL , CSCO , EEM , FNSR , SWH

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