Major ETFs Pause After Three-Day Win Streak

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Major ETFs flatlined Wednesday in quiet trade, pausing after three winning sessions in a row as the market digested U.S. productivity numbers released by the Labor Department.

Market Overview

In afternoon trade, the SPDR S&P 500 ( SPY ) shed 0.03%.

SPDR Dow Jones Industrial Average ( DIA ) ticked up 0.06%.

PowerShares QQQ ( QQQ ), a basket of the 100 largest nonfinancial stocks on the Nasdaq, fell 0.12%.

IShares MSCI EAFE Index ( EFA ), tracking developed foreign markets, lost 0.17%.

IShares MSCI Emerging Markets Index ( EEM ) added 0.10%.

U.S. Productivity Up

Nonfarm business productivity, which measures the output per hour of all workers, rose at a 1.6% annual rate in the second quarter, according the Labor Department. Economists had predicted a 1.4% gain. That was up from a 0.5% decline in the first quarter. Productivity in Q2 climbed 1.1% year over year.

Q2 unit labor costs were up 1.7% from Q1 as compensation costs grew faster than productivity. Economists had predicted a 0.4% lift in labor costs. Unit labor costs rose 0.8% year over year in Q2.

"The surge appears to have reflected discretionary bonus income rather than more inflationary wage rates or other costs," Jim O'Sullivan, chief U.S. economist at High Frequency Economics, wrote in a client note. "And while the Q2 pace was above consensus, it was roughly in line with the trend in goods and services inflation."

Follow Trang Ho on Twitter @TrangHoETFs .

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

This article appears in: Investing , ETFs
Referenced Symbols: DIA , EEM , EFA , QQQ , SPY

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