Mid-Day ETF Update: ETFs Mostly Lower, Stocks Waver on Mixed Economic Reports
Active broad market exchange-traded funds in Monday's regular session:
SPDR S&P 500 ( SPY ): -0.09%
Select Financial Sector SPDR ( XLF ): -0.96%
iShares MSCI Japan Index Fund ( EWJ ): -2.40%
iShares MSCI Emerging Markets Index ( EEM ): +0.99%
iPath S&P 500 VIX Short Term Futures ( VXX ) +4.22%
Broad Market Indicators
Broad market exchange-traded funds, including SPY, IWM, IVV and others, were
lower. Actively traded PowerShares QQQ (QQQ) was up 0.78%. ETFs in Energy and Commodities sectors, however, were firmer.
U.S. stocks were vacillating between positive and negative territories, with the Financial and Tech sectors leading the laggards. On the one hand, a slightly better-than-expected reading for the U.S. PMI Index for May gave some lift to market sentiment, but this was undercut by the April construction spending and May ISM Index reports, which missed forecasts. Upbeat sales reports from automobile makers Ford (F) and General Motors (GM) have brightened the Consumer Goods sector.
Winners and Losers
Select Financial Sector SPDRs ( XLF ) was down 0.96%. Direxion Daily Financial Bull 3X shares (FAS) was down 2.82%. Its bearish counterpart, FAZ, was up 2.74%.
Among financial stocks, Colonial Properties Trust (CLP) was up 5.56%, trimming earlier gains o some 8%, after it and MAA (MAA) said they were to merge in an $8.6 billion transaction. Shares in MAA were down 3.16%.
Technology Select Sector SPDR ETF (XLK) eased 0.35% while other tech ETFs 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 lower.
Semiconductor ETFs SPDR S&P Semiconductor (XSD) and Semiconductor Sector
Index Fund (SOXX) were also in the red but were trading at the higher end of their 52-week ranges.
SPDR S&P International Technology Sector ETF (IPK) was down 2.06%, sinking to a new 52-week low of $27.60.
In sector news, Microsoft (MSFT) was up 0.5%, nearing its 52-week high, after a report on the Wall Street Journal said the tech giant has cut back the price of its Windows and Office software for small PCs and tablets by as much as two-thirds in order to gain market share. Separately, reports from various media outlets, including AllThingsD, also said that MSFT's CEO Steve Ballmer is working on a significant restructuring of the company. According to the reports, the new configuration could include larger roles for several execs.
Dow Jones U.S. Energy Fund (IYE) and Energy Select Sector SPDR (XLE) were
higher, bucking broad market weakness, and were up 0.17% and 0.25% respectively.
In sector news, Kodiak Oil & Gas Corp. (KOG) was up 1.37% after to said it has acquired additional core Bakken and Three Forks producing properties and undeveloped leasehold in the Williston Basin of North Dakota, from private oil and gas company Liberty Resources for $660 million in cash.
Crude was up 1.61%; natural gas was up down 0.68%. United States Oil
Fund (USO) was up 1.90% and United States Natural Gas Fund (UNG) was up 0.52%.
Gold was up 1.47% and silver was up 2.71%. Among rare metal funds, SPDR Gold Trust (GLD) was up 2.12%; iShares Silver Trust (SLV) was up 3.03%.
Health Care SPDR (XLV) was inching up 0.06% while other healthcare ETFs Vanguard Health Care ETF (VHT) and iShares Dow Jones US Healthcare (IYH) were weaker. Biotech ETF iShares NASDAQ Biotechnology Index (IBB) slipped 2.43%.
In corporate news, Clovis Oncology (CLVS) was up 121.73%, with a 52-week high of $86.29, after reporting positive initial findings from an ongoing Phase I/II monotherapy study of rucaparib, the company's oral, potent, small molecule poly polymerase inhibitor being developed for the treatment of ovarian cancer.
Power Play -
Consumer ETFs were logging gains following upbeat monthly sales reports from major automobile manufacturers: Consumer Staples Select Sector SPDR (XLP) was up 0.45% while iShares Dow Jones US Consumer Goods (IYK), and Vanguard Consumer Staples ETF (VDC) were mixed.
In sector news, Ford Motor Company (F) was down 0.51% but touched a new 52-week high of 16.08 after it reported that May U.S. sales increased 14% compared with a year ago, its best May sales since 2006. Retail sales were up 17%.
General Motors (GM) also slipped 0.12% but was still edging closer to its 52-week high after it reported that for May, sales increased 3% year over year to 252,894 vehicles. Retail sales rose 9%.