U.S. stocks had a choppy trading session to open up the week as
all of the major benchmarks finished the day slightly in the red.
The broader S&P 500 and Nasdaq both finished the day lower by
about 0.2%, while the more concentrated Dow slumped by 0.3%.
Seemingly, many traders were on the sidelines today, awaiting
the start of the summer earnings season which unofficially kicked
off after the bell with Alcoa's (
) report. The aluminum maker had a lukewarm report as the firm was
up slightly in after-hours trading but just met the Zacks Consensus
Estimate of six cents a share (See
11 Great Dividend ETFs
Beyond this, health care and some of the consumer firms were big
winners on the day, while weakness continued in the basic
materials, big bank, and tech corners of the market. In particular,
ANR and BTU led on the downside while
were the biggest gainers of the S&P 500 components.
Currency trading was pretty flat, as the European currencies
recouped a tiny bit of their losses while the yen strengthened as
well against the dollar. Still, inflows continued in the Treasury
market as the 10 year bond saw yields slump to just 1.52%, a four
basis point decrease for the benchmark note (read
Three iPath ETNs to Watch During the Barclays'
Commodity markets, however, were again favorable across the
board as natural gas added more than 4% while corn continued its
run, adding about 5.3% on the day. Other soft commodities were also
in the green, while the only real losers on the day were in the
livestock market as cattle feeder futures slumped by 1.7%.
ETF trading saw light volume across the board as investors
seemingly wait for earnings season before deciding which sectors to
take a closer look into. Many financial, industrial, and consumer
ETFs traded at about half of the normal volume while a similar
trend was seen in a number of commodity and international products
On the other hand, investors did see a few products push through
on outsized volume including-once again-the
PowerShares DB Agriculture ETF (
. The popular ETF usually does about 875,000 shares in a normal day
but surged to just over two million during Monday trading (see
Buy American with these Three Commodity ETFs
This was likely due to the continuation of hot weather and crop
damaging conditions across the Midwest, forcing many analysts to
revise their predictions for the harvest sharply downward. Thanks
to this, DBA was up another 2.2% today, pushing the product higher
by about 11.5% over the past month.
Another fund which saw outsized volume in Monday trading was the
Dow Jones US Industrial ETF (
. This fund usually sees volume of about 50,000 shares in a normal
day but experienced a massive spike to just over two million shares
to open up this week (see
Three Industrials ETFs Outperforming XLI
Interestingly, the huge volume was largely the result of a few
big block trades which accounted for almost one million shares on
the day. Still, the product only lost a few cents on the day but it
could be in focus later on in the week due to the heavy exposure to
which could be volatile as more earnings data is released.
(see more in the
PWRSH-DB AGRIC (DBA): ETF Research Reports
ISHARS-DJ INDU (IYJ): ETF Research Reports
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