Active broad-market exchange-traded funds at mid-day:
SPDR S&P 500 (
Financial Select Sector SPDR (
): +0.9%, nearer year highs
iShares Russell 2000 Index (
iPath S&P 500 VIX Short Term Futures ETN (
PowerShares QQQ Trust, Series 1 (
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM, IVV and
others, continue to be firmer. Actively traded PowerShares QQQ (
) is up 0.4%.
U.S. stocks are settling in to an upward momentum after a mixed
start. Market sentiment was boosted by the Commerce Department's
report that September retail sales, ex auto, increased 1.1%, above
forecasts of a growth of 0.8%, according to a poll by Market Watch.
Total business inventories for August also increased 0.6%. Despite
the continued contraction of the Empire Manufacturing Index in
October, stocks were boosted by corporate news such as Sprint's (S)
deal with Softbank and Citigroup's (C) upbeat earnings.
Winners and Losers
Tech ETFs are in the green in mid-day action: Technology Select
Sector SPDR ETF (XLK), up 0.2%; iShares Dow Jones US Technology ETF
(IYW), up 0.3%; iShares S&P North American Technology ETF
(IGM), up 0.2%; and iShares S&P North American
Technology-Software Index (IGV), up 0.4%.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) is up
1.2% and Semiconductor Sector Index Fund (SOXX) is up 1.2%.
SPDR S&P International Technology Sector ETF (IPK) is up
Among tech stocks, Clearwire (CLWR) is up 15% and has hit new
year highs after Sprint (S) announced a deal where SoftBank will
invest $20.1 bln in Sprint, consisting of $12.1 billion to be
distributed to Sprint stockholders and $8.0 billion of new capital
to strengthen Sprint's balance sheet. Through this transaction,
approximately 55% of current Sprint shares will be exchanged for
$7.30 per share in cash, and the remaining shares will convert into
shares of a new publicly traded entity, New Sprint. Following
closing, SoftBank will own approximately 70% and Sprint equity
holders will own approximately 30% of the shares of New Sprint on a
fully-diluted basis. Sprint, a major investor in Clearwire, is off
Dow Jones U.S. Energy Fund (IYE) is up 0.4%; Energy Select
Sector SPDR (XLE) is up 0.3%.
In sector news, Longwei Petroleum Investment Holding Ltd. (LPH)
is up 10%, spiking to fresh new year highs after the company
commenced operations at its Huajie fuel storage depot in northern
Shanxi Province. The company received its first shipment of
petroleum to the new Huajie facility last week and began to sell
product to customers on October 11, 2012.
Crude was down 0.77%, trimming earlier losses to trade back up
near $91 a barrel. Oil had slipped below $90 a barrel due to global
demand worries. Natural oil was likewise down 2.95%. United States
Oil Fund (USO) is down 0.5%. United States Natural Gas Fund (UNG)
is down 3%.
Gold and silver were lower, down 1.41% and 2.6% respectively.
Among rare metal funds, SPDR Gold Trust (GLD) is down 1%; iShares
Silver Trust (SLV) is down 2.3%.
Healthcare ETFs Health Care SPDR (XLV), up 1.3% and nearer year
highs; Vanguard Health Care ETF (VHT), up 1%; and iShares Dow Jones
US Healthcare (IYH), up 1.1%. Biotech ETF iShares NASDAQ
Biotechnology Index (IBB) is up 0.2%.
Consumer ETFs have turned to the positive territory in mid-day
trading: Consumer Staples Select Sector SPDR (XLP), up 0.7%, near
its year high; iShares Dow Jones US Consumer Goods (IYK), up 0.8%;
and Vanguard Consumer Staples ETF (VDC) up 0.6%.
Retail ETFs are firmer: SPDR S&P Retail (XRT), up 0.5%;
PowerShares Dynamic Retail (PMR), up 1%; and Market Vectors Retail
ETF (RTH) up 0.8%, hit 52 week highs.
Power Play -
The financial sector continues to be firmer. Select Financial
Sector SPDRs (
) is up 0.9%. Direxion Daily Financial Bull 3X shares (FAS) is up
2.3%. Its bearish counterpart, FAZ, is down 2.2%.