Active broad-market exchange-traded funds at mid-day:
SPDR S&P 500 (
Financial Select Sector SPDR (
iShares MSCI Emerging Markets Index (
iShares Russell 2000 Index (
PowerShares QQQ Trust, Series 1 (
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM, IVV and
others, are mostly lower. Actively traded PowerShares QQQ (
) is flat.
U.S. stocks are slipping into the red, losing modest earlier
gains brought on by an unexpected rise in the preliminary consumer
sentiment index in October, and lukewarm producer price data, as
well as better-than-expected results from JP Morgan (JPM). Market
sentiment soured as investors again started to fret about whether
or not Spain will request a financial bailout, which would be a
prerequisite before the European Central Bank could purchase debt
to ease the country's borrowing costs.
Winners and Losers
Tech ETFs are mostly mixed to lower: Technology Select Sector
SPDR ETF (XLK), down 0.1%; iShares Dow Jones US Technology ETF
(IYW), flat; iShares S&P North American Technology ETF (IGM),
down 0.06%; and iShares S&P North American Technology-Software
Index (IGV), up 0.05%.
Semiconductor ETFs, SPDR S&P Semiconductor (XSD) and
Semiconductor Sector Index Fund (SOXX) are down 1.2% (taking it
closer to year lows) and 0.5% respectively. SPDR S&P
International Technology Sector ETF (IPK) is down 0.47%.
In sector news, Advanced Micro Devices (AMD) is now down 10% and
has hit year lows after it lowered its Q3 revenue guidance, now
expecting to see a decline of 10%, from the prior guidance of 1%
decrease, plus or minus 3%, sequentially. AMD now expects Q3 gross
margin to be 31%, less than the previous expectation of 44%,
primarily due to an inventory write-down of $100 million due to
lower anticipated future demand for certain products. Operating
expenses for the quarter are expected to decline 7% sequentially as
a result of tightly controlled expenses in the quarter.
Dow Jones U.S. Energy Fund (IYE) is down 1%; Energy Select
Sector SPDR (XLE), down 1.1%.
In energy news, Alpha Natural Resources (ANR) is down near 9%.
Shares were downgraded to Neutral from Buy at Nomura, and
downgraded to Sell from Buy at CLSA. CLSA also cut the target price
to $7 from $8.
Crude up 0.6% while natural gas was down 1.61%. United States
Oil Fund (USO) is down 1.2%. United States Natural Gas Fund (UNG)
is down 1.4%.
Gold was down 0.39% and while December silver is down 1.08%.
Among rare metal funds, SPDR Gold Trust (GLD) is down 0.46%;
iShares Silver Trust (SLV) is down 0.7%.
Healthcare ETFs Health Care SPDR (XLV), now down 0.02%; Vanguard
Health Care ETF (VHT), down 0.3%; and iShares Dow Jones US
Healthcare (IYH), now down 0.1%. Biotech ETF iShares NASDAQ
Biotechnology Index (IBB), down 0.6%.
In corporate news, NPS Pharmaceuticals (NPSP) is up 14.7% and
touched fresh new year highs after the U.S. Food and Drug Authority
(FDA) released briefing documents ahead of its October 16 Advisory
Committee meeting for NPSP's Gattex.
Consumer ETFs are firmer: Consumer Staples Select Sector SPDR
(XLP), up 0.06% and nearer year highs; iShares Dow Jones US
Consumer Goods (IYK), up 0.44%; and Vanguard Consumer Staples ETF
(VDC), up 0.1%.
Retail ETFs are lower: SPDR S&P Retail (XRT), down 0.6%;
PowerShares Dynamic Retail (PMR), down 0.60%; and Market Vectors
Retail ETF (RTH), down 1.85% and nearer year lows.
In sector news, Best Buy (BBY) is down 0.56% following a Wall
Street Journal report that the retail giant is planning some "web
hardball", with a plan to match prices of Internet competitors like
Amazon.com (AMZN), a defensive move to stop shoppers from browsing
the stores then heading home to buy the same products online.
Power Play -
Select Financial Sector SPDRs (
) is down 1.53%. Direxion Daily Financial Bull 3X shares (FAS) is
down 3.8%. Its bearish counterpart, FAZ, is up 4%.