Mid-Day ETF Update: ETFs Weaken, Stocks Inching Up Following Upbeat Mortgage Data; Earnings Still in Focus

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

SPDR S&P 500 ETF Trust ( SPY ): -0.1%, has turned negative after earlier going near 52 week highs

iShares MSCI Emerging Markets Index ( EEM ): -0.6%, has turned negative

iShares MSCI Japan Index ( EWJ ): +1%, near 52-week highs

PowerShares QQQ Trust, Series 1 ( QQQ ): -0.35%.

Financial Select Sector SPDR ( XLF ): -0.14% , has turned negative after earlier going near 52 week highs

iPath S&P 500 VIX Short Term Futures (VXX): +1.2%

Broad Market Indicators

Broad-market exchange-traded funds, including SPY, IWM, IVV and others, have weakened. Actively traded PowerShares QQQ ( QQQ ) is down 0.35%.

Many U.S. stocks are inching into positive territory, recoverning some of their earlier losses. Earnings results continue to be in the spotlight, with Time Warner (TWX) and Visa (V) among the major companies reporting.

Winners and Losers

Financial -

Select Financial Sector SPDRs ( XLF ) has turned negative and is now down 0.3%, having earlier gone close to year high. Direxion Daily Financial Bull 3X shares (FAS) too has turned negative after also testing its 52-week high. Its bearish counterpart, FAZ, has turned positive having hit a new 52 week low of $12.

Among financial stocks, Royal Bank of Scotland (RBS) is up 0.8% following a Reuters report that stated the bank will be hit with fines of almost 400 million pounds ($627 million) on Wednesday for its role in a global interest-rate rigging scandal. That's the second-largest penalty so far in the international rate-rigging investigation.

Energy -

Dow Jones U.S. Energy Fund (IYE) is down 0.5% from near 52 week highs and Energy Select Sector SPDR (XLE) is the same.

In sector news, ArcelorMittal (MT) has turned negative and is now down 0.4% after reporting a Q4 loss of $3.99 bln, up from a year ago loss of $1 bln. Revenue was $19.31 bln, down from $22.45 bln last year. The company did note that it expects its EBITDA to be higher looking forward, as the economic situation in Europe improves, according to Dow Jones Newswires.

Commodities -

Crude was up 0.01%; natural gas was up 1.35%. United States Oil Fund (USO) has turned down 0.2%. United States Natural Gas Fund (UNG) is up 1%.

Gold was up 0.25% and silver was down 0.15%. Among rare metal funds, SPDR Gold Trust (GLD) is up 0.3%; iShares Silver Trust (SLV) is up 0.03%.

Healthcare -

Healthcare ETFs are dipping into negative territory, but are still near their 52-week highs: Health Care SPDR (XLV), off 0.3%; Vanguard Health Care ETF (VHT), down 0.22%; and iShares Dow Jones US Healthcare (IYH), down 0.35%. Biotech ETF iShares NASDAQ Biotechnology Index (IBB) is down 0.8%.

In corporate news, Elan (ELN) is now down 9% and touched a new year low after Biogen Idec (BIIB) agreed to purchase Elan's interest in TYSABRI (natalizumab) and upon closing will gain full strategic, commercial and decision-making rights to TYSABRI. BIIB shares are up 2.8%, touching a new year high.

Consumer -

Consumer ETFs are mostly edging lower, but near year highs: Consumer Staples Select Sector SPDR (XLP), down 0.11%; iShares Dow Jones US Consumer Goods (IYK), up 0.07%; and Vanguard Consumer Staples ETF (VDC), down 0.05%.

In sector news, Ralph Lauren (RL) is now up 7% after it reported Q3 revenue of $1.8 bln, in line with the analyst consensus on Capital IQ. EPS was $2.31, vs. expectations of $2.18 per share. For FY 2013, the company expects revenue to increase by about 2%. The Q4, the company expects revenue to increase by a mid-single-digit percentage.

Power Play -

Technology -

Tech ETFs are weakening too, although most remain near their 52-week highs: Technology Select Sector SPDR ETF (XLK), down 0.29%; iShares Dow Jones US Technology ETF (IYW), down 0.33%; iShares S&P North American Technology ETF (IGM), 0.41% lower; and iShares S&P North American Technology-Software Index (IGV), down 0.6%.

Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) is up 0.04% and Semiconductor Sector Index Fund (SOXX) is down 0.26%. SPDR S&P International Technology Sector ETF (IPK) is down 0.04%, still near its year high.

In sector news, Liberty Global, Inc. (LBTYA) has entered into an agreement to acquire Virgin Media Inc. (VMED) in a stock and cash merger valued at approximately $23.3 billion. Under the terms of the agreement, Virgin Media shareholders will receive $17.50 in cash, 0.2582 Liberty Global Series A shares and 0.1928 Liberty Global Series C shares for each Virgin Media share that they hold. LBTYA shares are down 3.3% while VMED shares are down 1.5%.



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 , QQQ , SPY , XLF

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