Mid-Day ETF Update: ETFs, Stocks Down in Last-Day-of-Quarter Doldrums; Pare Losses After Spanish Banks Pass Stress Tests

By MidnightTrader.com Staff,

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Active broad-market exchange-traded funds at mid-day:

SPDR S&P 500 ( SPY ): -0.18%

iShares MSCI Emerging Markets Index ( EEM ): -0.26%

iPath S&P 500 VIX Short Term Futures TM ( VXX ): +0.5%, but near 52-week low

Financial Select Sector SPDR ( XLF ): +0.2%

PowerShares QQQ Trust, Series 1 ( QQQ ): -0.23%

Broad Market Indicators

Most broad-market exchange-traded funds, including SPY, IWM, IVV and others, continue to be weaker. Actively traded PowerShares QQQ ( QQQ ) is now down 0.2%.

U.S. stocks are lower, but have trimmed their losses somewhat, following the report that Spain's Banco Santander (SAN) and BBVA (BBVA) both passed stress tests, while Bank of Spain reported that the system's capital shortfall is EUR 59.3 bln, in line with forecasts and within the range of the original audit. This however, was not enough to lift Wall Street out of its doldrums on this last trading day of the quarter. Economic data released earlier failed to inspire investors: the Chicago Purchasing Managers Index fell to a 49.7 reading for September; personal income in August grew but was below the expected increase, while personal spending grew in-line with expectations; core personal consumption expenditures went up, in-line with forecasts.

Winners and Losers

Financial -

Select Financial Sector SPDRs ( XLF ) is now up 0.1%. Direxion Daily Financial Bull 3X shares (FAS) also is now up 0.1%. Its bearish counterpart, FAZ, has turned negative and is now down 0.1%.

Among financial actives, Bank of America (BAC) is down 1.1% after announcing it, and certain of its current and former officers and directors, have agreed, subject to court approval, to settle a class action lawsuit brought in 2009 on behalf of investors who purchased or held Bank of America securities at the time the company announced plans to acquire Merrill Lynch. Under terms of the proposed settlement, Bank of America would pay a total of $2.43 billion and institute certain corporate governance policies.

Technology -

Tech ETFs are lower: Technology Select Sector SPDR ETF (XLK), down 0.2%; iShares Dow Jones US Technology ETF (IYW), down 0.13%; iShares S&P North American Technology ETF (IGM), now flat; and iShares S&P North American Technology-Software Index (IGV), up 0.1%.

Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) is down 1.1%; and Semiconductor Sector Index Fund (SOXX), down 0.26%.

SPDR S&P International Technology Sector ETF (IPK) is down 1.5%.

In sector news, Research In Motion (RIMM) is up 6% at around $7.60 but off a day high $8.20 after it reported late yesterday Q2 revenue of $2.9 bln, better than the analyst consensus of $2.50 bln on Capital IQ. Adjusted loss was $0.27, vs. expectations of a loss of $0.46 per share. Shipments of BlackBerry smartphones were 7.4 million and shipments of BlackBerry PlayBook tablets were approximately 130,000. For Q3, the company expects to report an operating loss.

Energy -

Dow Jones U.S. Energy Fund (IYE) is down 0.3%; Energy Select Sector SPDR (XLE) is also down 0.3%.

Commodities -

Agriculture commodities were firmer following a bullish report from the USDA, stating that corn, soybean and wheat inventories were down the past quarter. Corn futures went up $0.40, which is the exchange limit, at $7.56 per bushel. Agriculture ETFs are firmer: Teucrium Corn Fund (CORN), up 4.91%; iPath Dow Jones UBS Grains Total Return Sub-Index ETN (JJG), up 4.24%; Teucrium Wheat Fund (WEAT), up 4.30%; and PowerShares DB Agriculture Fund (DBA), up 1.55%.

Crude was up 0.08%, with the day's highs almost touching $93 a barrel; natural gas was down 0.7%. United States Oil Fund (USO) is now up 0.1%. United States Natural Gas Fund (UNG) is up 0.8%.

Gold and silver were weaker, down 0.21% and 0.12% respectively. Among rare metal funds, SPDR Gold Trust (GLD) is down 0.3%; iShares Silver Trust (SLV) is down 0.36%.

Consumer -

Consumer ETFs are lower in mid-day action: Consumer Staples Select Sector SPDR (XLP), off 0.3%; iShares Dow Jones US Consumer Goods (IYK), down 0.3%; and Vanguard Consumer Staples ETF (VDC), down 0.3%.

Retail ETFs are weaker: SPDR S&P Retail (XRT), down 0.3%; PowerShares Dynamic Retail (PMR), down 0.39%; and Market Vectors Retail ETF (RTH), now flat having touched a new year high.

Power Play -

Healthcare -

Healthcare ETFs are ticking lower but still near year highs: Health Care SPDR (XLV), down 0.5%; Vanguard Health Care ETF (VHT), 0.44%; and iShares Dow Jones US Healthcare (IYH), down 0.41%. Biotech ETF iShares NASDAQ Biotechnology Index (IBB) is up 0.07%.

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

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

This article appears in: Investing Commodities
Referenced Stocks: EEM , QQQ , SPY , VXX , XLF

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