Active broad-market exchange-traded funds at mid-day:
SPDR S&P 500 (
SPY
): -0.39%
iShares Russell 2000 Index (
IWM
): -0.68%
Financial Select Sector SPDR (
XLF
): FLAT
iPath S&P 500 VIX Short Term Futures TM (
VXX
): -0.58%, near year lows.
iShares MSCI Emerging Markets Index (
EEM
): -0.41%
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM, IVV and
others, continue to be weaker. Actively traded PowerShares QQQ
(QQQ) is down 0.88%, but still within around a $1 of year
highs.
U.S. stocks continue to slip lower as concerns over global
growth have continued to gain traction, underscored by dwindling
optimism among Chinese manufacturers and retailers. In Europe,
Greece denied that it had a larger-than-expected budget shortfall,
while Germany and France, after a meeting over the weekend, have
reached an impasse regarding the timing of a banking union. Back
home, investors are looking ahead to the quarterly earnings season,
but are particularly wary of corporate warnings from companies that
may miss their targets.
Winners and Losers
Financial -
Select Financial Sector SPDRs (
XLF
) has turned negative. Direxion Daily Financial Bull 3X shares
(FAS) also has turned negative. Its bearish counterpart, FAZ, in
contrast has turned positive.
Among financial stocks, Arthur J. Gallagher & Co. (AJG) is
off 0.3% after it earlier announced the acquisition of Acumus
Limited in Chelmsford, England. Terms of the transaction were not
disclosed. Acumus Limited is a retail insurance broker that
provides risk consulting and insurance services exclusively for the
U.K. housing association sector.
Technology -
Tech ETFs are lower: Technology Select Sector SPDR ETF (XLK),
down 0.75%; iShares Dow Jones US Technology ETF (IYW), down 1.1%;
iShares S&P North American Technology ETF (IGM), now down 0.9%;
and iShares S&P North American Technology-Software Index (IGV),
down 1.1%.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) is
down 1.5% and Semiconductor Sector Index Fund (SOXX) is down
1.8%.
SPDR S&P International Technology Sector ETF (IPK) is
flat.
In sector news, Apple (AAPL) is down 2% after it reported that
it has sold over five million of its new iPhone 5, just three days
after its launch on September 21, and more than 100 million iOS
devices have been updated with iOS 6, the company's operating
system. This was below expectations in the range of 6 - 10 million.
Supply constraints are playing a role in the lower-than-hoped-for
sales numbers.
Commodities -
Crude was down 1.63%; natural gas was down 0.68%. United States
Oil Fund (USO) is down 1.85%. United States Natural Gas Fund (UNG)
is down 0.6%.
Gold for December delivery was down 0.7%; while silver was down
1.74%. Among rare metal funds, SPDR Gold Trust (GLD) is down 0.7%;
iShares Silver Trust (SLV) is down 1.9%.
Healthcare -
Healthcare ETFs are mixed but at the top end of their annual
trading range: Health Care SPDR (XLV), up 0.1% and near year highs;
Vanguard Health Care ETF (VHT), down 0.1% from near year highs; and
iShares Dow Jones US Healthcare (IYH), down 0.1%, also from near 52
week highs. Biotech ETF iShares NASDAQ Biotechnology Index (IBB) is
down 1.2%.
In corporate news, Peregrine Pharmaceuticals (PPHM) is down
76.6%, trimming earlier losses of some 83%. The company reported it
discovered major discrepancies between some patient sample test
results and patient treatment code assignments. Due to the
double-blind nature of the trial, Peregrine was not permitted to
have access to either patient group assignments or related product
coding information. As part of the trial's execution, Peregrine
contracted with independent third-party contractors to execute
treatment group assignments and oversee clinical trial material
coding and distribution according to established procedures. A
subsequent review of information has determined that the source of
these discrepancies appear to have been associated with the
independent third-party contracted to code and distribute
investigational drug product. This discrepancy is specific to this
trial and will have no impact on other ongoing bavituximab
trials.
Consumer -
Consumer Staples Select Sector SPDR (XLP) is up 0.1% and edging
closer to year highs while other consumer ETFs are lower: iShares
Dow Jones US Consumer Goods (IYK), down 0.26%; and Vanguard
Consumer Staples ETF (VDC) down 0.01%.
Retail ETFs are lower: SPDR S&P Retail (XRT), down 0.8%;
PowerShares Dynamic Retail (PMR), off 0.8%; and Market Vectors
Retail ETF (RTH), down 0.2% but above a day low $44.88, having
earlier hit a new year high $45.05.
Power Play -
Industrial -
Most industrial ETF are slipping into negative territory, unable
to extend earlier gains: iShares Vanguard Industrials (VIS), down
0.5%; and iShares Dow Jones U.S. Industrial Sector Index Fund
(IYJ), down 0.3%. Select Sector SPDR-Industrial (XLI) is up
0.1%.
Among ETFs which maintain significant exposure to LEN - which is
down 3% after earlier hitting year highs - Dow Jones U.S. Home
Construction Index Fund (ITB), is down 20%, having earlier reached
a new year high of $20.79. Meanwhile, SPDR KBW Mortgage Finance ETF
(KME) and S&P Equal Weight Consumer Discretionary (RCD) are
both flat.