Mid-Day ETF Update: Broad Market ETFs Slip on Growth Concerns; China, Japan Funds Weak


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

SPDR S&P 500 ( SPY ): -0.35%

iShares MSCI Emerging Markets Index ( EEM ): -1.1%

iPath S&P Vix Short Term Futures ( VXX ) +0.64%

iShares MSCI Japan Index Fund ( EWJ ) -2.59%

Select Sector SPDR Fund Financial ( XLF ) -0.66%

Broad Market Indicators

Broad-market exchange-traded funds, including SPY, IWM, IVV and others, are lower. Actively traded PowerShares QQQ (QQQ) is down 0.5%. ETFs focusing on China and Japan are weaker, with iShares FTSE China Index Fund (FCHI) down 2.6%.

U.S. stocks are lower at mid-session after the International Monetary Fund cut its U.S. growth forecast for 2014 to 2.7% from 3% and urged caution in withdrawing monetary stimulus. The decline comes despite better-than-expected economic data. May PPI was up 0.5%, better than the Briefing consensus of up 0.1%. Core PPI was up 0.1%, in line with forecasts. Meanwhile, the U.S. Q1 current account deficit was $106.1 billion, or 2.7% of gross domestic product on an annualized basis, versus the forecasts of a deficit of $111.5 billion, according to Briefing.com.

Winners and Losers

Technology -

Tech ETFs Technology Select Sector SPDR ETF (XLK) is down 0.46%, iShares Dow Jones US Technology ETF (IYW) is off 0.54%, iShares S&P North American Technology ETF (IGM) has declined 0.5% and iShares S&P North American Technology-Software Index (IGV) is down 0.43%.

Semiconductor ETFs, SPDR S&P Semiconductor (XSD) and Semiconductor Sector Index Fund (SOXX) are both modestly higher.

SPDR S&P International Technology Sector ETF (IPK) is down 0.87%.

In sector news, Nokia (NOK) is up 3.4% following a Dow Jones Newswires report that Siemens (SI) is talking with private equity firms about buying its joint venture with Nokia. The story cites analysts speculating the business could be worth $9.3 billion, including debt. SI shares are down 1.09%.

Energy -

Dow Jones U.S. Energy Fund (IYE) is down 0.7% while Energy Select Sector SPDR (XLE) is also down 0.7%.

In sector news, Synergy Resources (SYRG) is now up 11.77% at $7.12, adding to earlier gains of 4% after the company priced an upsized underwritten public offering of 11.5 million shares of the company's common stock at $6.25 per share.

Commodities -

July crude is up 1%; July natural gas is down 1.12%. United States Oil Fund (USO) is up 1%. United States Natural Gas Fund (UNG) is down 1.47%.

August gold is up 0.73% and silver for July delivery is up 2.2%. Among rare metal funds, SPDR Gold Trust (GLD) is up 0.28%; iShares Silver Trust (SLV) is up 1.33%.

Consumer -

Consumer ETFs Consumer Staples Select Sector SPDR (XLP) is flat, iShares Dow Jones US Consumer Goods (IYK) is leaning slightly higher, up 0.04%, and Vanguard Consumer Staples ETF (VDC) is leaning lower.

Restoration Hardware (RH) is now up 18%, slightly shy of a 52-week high of $70.16 hit earlier, after reporting Q1 results late Thursday that came in twice as high as consensus forecasts, prompting positive comments from CNBC's Jim Cramer. "This is really a remarkable company," Cramer said. "This is a company that has momentum like I wouldn't believe. Frankly, this is the best momentum of any retailer there is."

Healthcare -

Healthcare ETFs Health Care SPDR (XLV) is down 0.15%, Vanguard Health Care ETF (VHT) is down 0.19%, and iShares Dow Jones US Healthcare (IYH) is down 0.34%. Biotech ETF iShares NASDAQ Biotechnology Index (IBB) is down 0.6%.

In company news, shares of pharmaceutical concern Elan Corp. (ELN) are now up 7.9% at $13.60, adding to a 5% gain in Thursday's after hours, following the company's announcement that it will formally put itself up for sale. According to a New York Times report, the sale is a result of the company's fight to fend off a hostile bid by Royalty Pharma.

Financial -

Select Financial Sector SPDRs ( XLF ) is down 0.78%. Direxion Daily Financial Bull 3X shares (FAS) is down 2%. Its bearish counterpart, FAZ, is up 1.76%.

In financial news, shares in BCSB Bancorp (BCSB) have spiked 32% and hit a year high of $22.67 after agreeing to a $79 million stock merger with F.N.B. Corporation (FNB), boosting their market share in the Baltimore region. The offer is worth about $23.77 per share. Each BCSB shareholder will be entitled to receive 2.08 shares of F.N.B. Corporation common stock for each common share held.

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

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: EEM , EWJ , SPY , VXX , XLF

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