Mid-Day Update: ETFs Weaker, Stocks Trim Losses as Fed Bond Worries Outweigh Upbeat Data


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Active broad market exchange-traded funds in Tuesday's regular session:

SPDR S&P 500 ( SPY ): -0.40%

iShares MSCI Emerging Markets Index ( EEM ): -1.35%

iShares MSCI Japan Index Fund ( EWJ ) -1.30%

Financial Select Sector SPDR ( XLF ): -0.93%

iPath S&P 500 Vix Short Term Futures ( VXX ) +3.94%

Broad Market Indicators

Broad-market exchange-traded funds, including SPY, IWM, IVV and others, continued to be weaker. Actively traded PowerShares QQQ (QQQ) was down 0.22%.

U.S. stocks trimmed earlier losses but were still in negative territory, tracking global markets lower, amid several global indicators of a slowdown in growth. Investors also worried over when the Federal Reserve would pare back it bond buying program. In economic data, April wholesale inventories were up 0.2% after increasing 0.4% in March, and was also in line with forecasts.

Winners and Losers

Financial -

Select Financial Sector SPDRs ( XLF ) was down 0.90%. Direxion Daily Financial Bull 3X shares (FAS) was down 2.47%. Its bearish counterpart, FAZ, was up 2.61%.

Among financial stocks, CYS Investments (CYS) was down 1.274%, near its 52-week low of $10.01. It earlier declared a quarterly dividend of $0.34 per share of common stock for the second quarter of 2013, up from $0.32 previously.

Technology -

Technology Select Sector SPDR ETF (XLK) slipped 0.19%; iShares Dow Jones US Technology ETF (IYW), iShares S&P North American Technology ETF (IGM) and iShares S&P North American Technology-Software Index (IGV) were also lower.

Among semiconductor ETFs , SPDR S&P Semiconductor (XSD) was down 1.23% and Semiconductor Sector Index Fund (SOXX) was down 0.96%.

SPDR S&P International Technology Sector ETF (IPK) was flat.

In sector news, GameStop (GME) spiked 8.55%, reaching its highest intraday level since August, following its announcement that it is accepting pre-orders for Sony Entertainment's (SNE) next generation computer entertainment system, the PlayStation 4. Just this Monday, GME also announced that it will be taking pre-orders for the next generation gaming and entertainment system of Sony rival Microsoft (MSFT) -- the Xbox One.

Energy -

Dow Jones U.S. Energy Fund (IYE) was down 0.72% while Energy Select Sector SPDR (XLE) was down 0.83%.

In sector news, North American Energy Partners (NOA) jumped 20.85%, touching a new 52-week high, after it reported it sold all of its piling-related assets and liabilities to Keller Group plc for $227.5 million and will exit the piling, foundation, pipeline anchor and tank services businesses. The company had also reported a miss for its Q4 results.

Commodities -

Crude was down 1.01%; natural gas was down 0.87%. United States Oil Fund (USO) was down 0.88%. United States Natural Gas Fund (UNG) was down 0.84%.

Gold was down 0.78% and silver was down 1.39%. Among rare metal funds, SPDR Gold Trust (GLD) was down 0.69%; iShares Silver Trust (SLV) was down 0.95%, with a new 52-week low of $20.76.

Among stocks, McEwen Mining (MUX) slipped 4.02% it has reduced its earlier production growth forecast, and now expects to produce 225,000 gold equivalent oz in 2016 from the prior guidance of 290,000. The forecast was revised lower due to lower metal prices and higher cost of capital. The company also said it will no longer sell Los Azules.

Consumer -

Consumer Staples Select Sector SPDR (XLP) was up 0.22%; other consumer ETFs iShares Dow Jones US Consumer Goods (IYK) and Vanguard Consumer Staples ETF (VDC) were firmer.

In sector news, Lululemon Athletica (LULU) was down 16.70% despite better-than-expected Q1 results and in line Q2 EPS guidance. The company's CEO, Christine Mccormick Day, in a surprise move resigned from her position. LULU shares were also downgraded at UBS and Sterne Agee.

Power Play -

Healthcare -

Health Care SPDR (XLV) was up 0.21%; other healthcare ETFs Vanguard Health Care ETF (VHT), and iShares Dow Jones US Healthcare (IYH) were inching higher . Biotech ETF iShares NASDAQ Biotechnology Index (IBB) was up 0.75%.

In corporate news, Questcor Pharmaceuticals, Inc. (QCOR) soared 20.95% after it acquired rights to develop Synacthen and Synacthen Depot in the U.S. from Novartis (NVS). NVS was down 0.41%.

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

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This article appears in: Investing , Commodities
More Headlines for: EEM , EWJ , SPY , VXX , XLF

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