Despite more worries from Spain and Europe in general, U.S.
equity markets managed to rise broadly in Tuesday trading. The
day's gains largely came from strength in the banking sector as
well as a consensus beating report in the ISM Non-Manufacturing
Index. This figure came in at 53.7 topping the 53.5 prior reading
as well as the consensus helping to end the streak of poor
Thanks to this, the Dow eked out a 0.2% gain while the broader
indexes added 0.6% for the S&P 500 and 0.7% for the Nasdaq. In
addition to banking strength, many of the tech, healthcare, and
basic materials names added on the session while some weakness was
seen in the staples and telecom segments to close out Tuesday
Global X Debuts Top Guru Holdings Index ETF
Currency markets were more flat on the other hand, as the Dollar
Index managed to gain slightly thanks to more weakness in European
currencies although the yen did help the index as well. Beyond
dollar inflows, investors did see some selling of Treasury bills as
government rates rose, led by a nearly nine basis point move higher
in the 30 year note, while mid and short term rates stayed pretty
much flat on the day.
Commodity markets did follow equities during Tuesday trading as
broad gains were seen in many products across the natural resource
world. While oil and gold were flat, there was some strength in
silver and many of the softs including cocoa and orange juice.
However, results were dragged down by a slump in both wheat and
cotton during Tuesday trading.
In the ETF world, volume was somewhat light across the board,
led by lower-than-average trading volumes in a number of commodity
products as well as a variety of popular international ETFs.
However, investors did still see outsized trading volumes in a
number of ETFs across the spectrum. In particular, a few European
ETFs, U.S. sector funds and fixed income products saw outsized
activity in today's rocky market.
One ETF that saw an especially robust day of volume was the
iShares FTSE EPRA/NAREIT Developed Real Estate ex-US ETF (
. The product usually sees a paltry 60,000 shares move hands but
experienced a massive spike to over 735,000 shares during Tuesday
Real Estate ETFs: Unexpected Safe Haven
This was especially unusual considering the low volume levels
that many other products tracking the real estate market saw in
Tuesday's trading, as only a handful saw volume exceed their
averages. Instead, IFGL seemed to pique investors' interest during
the day and especially during the final 10 minutes of the
This suggests that either some heavy activity was due to take
place right after the bell-unlikely as the fund was unchanged
after-hours-or some investors are anticipating a very rocky session
for international real estate markets during Wednesday's
Another fund that tipped the scales in terms of volume was the
iShares MSCI Switzerland Index Fund (
. This product usually sees about 234,000 shares change hands in a
normal day while today saw a spike to about 945,000 shares (read
For Europe ETFs, It Is Hard To Beat Switzerland
Volume was pretty well spread out throughout the day although
there was a 50,000 share block that did move hands early in the
session. Beyond that, trading was pretty well spread out throughout
Interestingly, EWL saw the most outsized volume of any major ETF
in the European space during Tuesday trading suggesting that
investors were looking to the country as the way to play the region
without the direct euro exposure.
(see more on ETFs at the
ISHARS-SWITZERL (EWL): ETF Research Reports
ISHARS-F E/N GR (IFGL): ETF Research Reports
To read this article on Zacks.com click here.
Want the latest recommendations from Zacks
Investment Research? Today, you can download 7 Best Stocks for the
Next 30 Days. Click to get this free report