Mid-Day ETF Update: Broad Market ETFs Weakening In Last Few Minutes


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

SPDR S&P 500 ( SPY ): -0.2%, has turned negative

iShares MSCI Japan Index Fund ( EWJ ) -1.3%

iShares MSCI Emerging Markets Index ( EEM ): -0.3%

iPath S&P 500 Vix Short Term Futures ( VXX ) +4.3%

Select Financial Sector SPDRS ( XLF ): -0.2%

Broad Market Indicators

Broad-market exchange-traded funds, including SPY, IWM, IVV and others, are turning negative in the last few minutes. Actively traded PowerShares QQQ (QQQ) is leaning down 0.5%. Natural gas funds are among the worst performers, mirroring a drop in the underlying commodity today. United States Natural Gas Fund (UNG) is down 3.7%.

The main U.S. indices were mixed at mid-session, with the Nasdaq and DJIA trading lower and the S&P 500 recording a modest gain. Data out this morning showed weekly jobless claims fell by 11,000 to 346,000, a little above forecasts for seasonally adjusted claims of 345,000, according to MarketWatch. The average of new claims over the past month, increased by 4,500 to 352,500, the highest level in six weeks, according to the Labor Department. Continuing claims fell 52,000 to a seasonally adjusted 2.95 million in the week ended May 25.

Winners and Losers

Financial -

Select Financial Sector SPDRs ( XLF ) is down 0.2%. Direxion Daily Financial Bull 3X shares (FAS) is down 0.3%. Its bearish counterpart, FAZ, is up 0.5%.

Among financial stocks, Credit Suisse (CS) is expected to take a leading role in the anticipated IPO of China's Alibaba Group, says Reuters, citing people familiar with the matter. This would yield massive fees for the bank, the report adds. CS shares are down near 1%.

Technology -

Tech ETFs Technology Select Sector SPDR ETF (XLK) is down 0.5%, iShares Dow Jones US Technology ETF (IYW) is off 0.8%, iShares S&P North American Technology ETF (IGM) is 0.12% lower and iShares S&P North American Technology-Software Index (IGV) is down 0.4%.

Semiconductor ETFs, SPDR S&P Semiconductor (XSD) is 0.8% lower, as is Semiconductor Sector Index Fund (SOXX). Both are trading near 52-week highs. SPDR S&P International Technology Sector ETF (IPK) has turned negative 0.3%.

Shares in iSoftStone Holdings (ISS) are up 8% after the China-based IT services provider said it has received at proposal from its CEO and Board and ChinaAMC Capital Management Limited to acquire all of the company's outstanding ordinary shares, including ordinary shares represented by the company's American depository shares at a price of $0.585 in cash per ordinary share or $5.85 in cash per ADS.

Energy -

Dow Jones U.S. Energy Fund (IYE) has dipped 0.5% and Energy Select Sector SPDR (XLE) is also down 0.5%.

In sector news, Ferrellgas Partners, L.P. (FGP) reported Q3 earnings of $0.56 per share, versus the Capital IQ consensus of $0.45. Revenues were $603.02 million, versus the analyst estimate of $563.97 million. The shares are up 4% and hit a year high of $22.22.

Commodities -

July crude is up 1.2%; July natural gas is down 3.3%. United States Oil Fund (USO) is up 1.3%. United States Natural Gas Fund (UNG) is down 3.7%.

August gold is up 1.2% and silver for July delivery is up 0.7%. Among rare metal funds, SPDR Gold Trust (GLD) is up 0.9%; iShares Silver Trust (SLV) is up 0.7%. Both remain close to their 52-week lows.

Healthcare -

Healthcare ETFs Health Care SPDR (XLV) is now down 0.2%, while Vanguard Health Care ETF (VHT) and iShares Dow Jones US Healthcare (IYH) are the same. Biotech ETF iShares NASDAQ Biotechnology Index (IBB) is up 0.12%.

In corporate news, Ciena (CIEN) is up 13% and hit a year high of $18.83 after it reported Q2 non-GAAP EPS of $0.02, vs. the analyst consensus of a loss of $0.01 per share on Capital IQ. Revenue was $5057.7 mln, vs. expectations of $483.6 mln. For Q3, the company expects revenue in the range of $515 to $545 mln, vs. expectations of $509.4 mln.

Consumer -

Consumer ETFs Consumer Staples Select Sector SPDR (XLP) is 0.7% lower, iShares Dow Jones US Consumer Goods (IYK) is down 0.4%, and Vanguard Consumer Staples ETF (VDC) has fallen 0.6%.

In sector news, Shares in Vera Bradley (VRA) are down 10% and nearer year lows as analysts at Piper Jaffray, Wells Fargo and Baird cut their ratings on the stock. Piper Jaffray cut to Neutral from Overweight with a price target of $24.00, down from $32.00, BNN reported. Wells Fargo has downgraded from Outperform to Market Perform, cutting the PT to $24.00 from $30.50, while Baird has cut to Neutral from Outperform, according to TheStreet.com.

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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