Mid-Day ETF Update: ETFs, Stocks Extend Losses After Stimulus Excitement Dies Down; Not Helped By Weak Economic Data


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

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

Financial Select Sector SPDR ( XLF ): -0.62%

iPath S&P 500 VIX Short Term Futures TM ( VXX ): -0.66%

iShares MSCI Japan Index ( EWJ ): +0.05%

iShares MSCI Emerging Markets Index ( EEM ): -0.02%

Broad Market Indicators

Broad-market exchange-traded funds, including SPY, IWM, IVV and others, are mostly lower. Actively traded PowerShares QQQ (QQQ) is down 0.06% from near year highs.

U.S. stocks continue to see losses, coming down from last week's QE3 highs. Economic data released earlier also weighed on market sentiment, with the U.S. Q2 current account deficit falling to $117.4 bln. The Federal Reserve Bank of New York also reported that the regional manufacturing index dropped to minus 10.41, the lowest reading since April 2009. Housing data provided one bright spot, with the National Association of Home Builders/Wells Fargo reporting that the housing-market index increased by 3 points to a seasonally adjusted reading of 40 - its highest reading since June 2006.

Winners and Losers

Financial -

Select Financial Sector SPDRs ( XLF ) is down 0.59%. Direxion Daily Financial Bull 3X shares (FAS) is down 1.61%. Its bearish counterpart, FAZ, is up 1.54%.

Among financial stocks, Kingsway Financial Services Inc. (KFS) is up 13% after it announced late yesterday that it is restructuring its Insurance Services and Insurance Underwriting segments. As part of the restructuring, Bradley Diericx will serve as the company's executive vice president, effective today. In addition, KFS will post $11.4 million, or $0.87 per share, in additional unpaid loss and loss adjustment expenses.

Technology -

Tech ETFs are lower in mid-day action but most are near year highs: Technology Select Sector SPDR ETF (XLK), down 0.09%; iShares Dow Jones US Technology ETF (IYW), down 0.04%; iShares S&P North American Technology ETF (IGM), down 0.11%; and iShares S&P North American Technology-Software Index (IGV), down 0.54%.

Semiconductor ETFs are weaker: SPDR S&P Semiconductor (XSD), down 0.19%; and Semiconductor Sector Index Fund (SOXX), down 0.4%.

SPDR S&P International Technology Sector ETF (IPK) is up 0.49%.

In sector news, Nuance Communications, Inc. (NUAN) announced it has signed an agreement to acquire Ditech Networks, Inc. (DITC). Shares of Ditech are up 75%, reaching a new 52-week high of $1.43, while Nuance is down 0.27%.

Energy -

Dow Jones U.S. Energy Fund (IYE) is down 0.94%; Energy Select Sector SPDR (XLE) is down 1%.

In sector news, Alpha Natural Resources (ANR) shares are down 2.8% after the company today outlined plans to reshape its portfolio of operations to meet what it calls the evolving demands of a changing global coal market. According to the company, this organizational streamlining will reduce overhead costs by $150 million, accelerate adoption of operating best practices and performance improvements, while mine idlings and production curtailments will reduce annual coal output approximately 16 million tons by early 2013.

Commodities -

Crude was down 0.69%; likewise, natural gas was up 0.3%. United States Oil Fund (USO) is down 0.14%. United States Natural Gas Fund (UNG) is down 1%.

Gold was down 0.25% while silver was up 0.43%. Among rare metal funds, SPDR Gold Trust (GLD) is up 0.62% while iShares Gold Trust (IAU) is up 0.64%. iShares Silver Trust (SLV) is up 1.6%.

Consumer -

Consumer ETFs are firmer: Consumer Staples Select Sector SPDR (XLP), up 0.59%, with a new year high of $36.13; iShares Dow Jones US Consumer Goods (IYK), up 0.11% at year highs; and Vanguard Consumer Staples ETF (VDC), up 0.6%, with a new 52-week high of $91.73.

Among retail ETFs, SPDR S&P Retail (XRT) is down 1.14%; Market Vectors Retail ETF (RTH) is down 0.49%, but earlier hit a new 52-week high of $45.09. PowerShares Dynamic Retail (PMR) is down more than 1%.

Power Play -

Healthcare -

Healthcare ETFs continue to be firmer but are off new year highs: Health Care SPDR (XLV), up 0.2%, with a new 52-week high of $40.06; Vanguard Health Care ETF (VHT), up 0.29% after reaching a new year high of $72.85; and iShares Dow Jones US Healthcare (IYH), up 0.34%, after touching a new year high of $84.51. Biotech ETF iShares NASDAQ Biotechnology Index (IBB) also saw a new year high of $144.37, and is up 0.54%.

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 , EWJ , SPY , VXX , XLF

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