ETF Preview: ETFs, Futures Point Higher Ahead of Pending Home Sales Data

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Active broad-market exchange-traded funds in Wednesday's pre-market session:

VanEck Vectors Gold Miners ETF ( GDX ): -0.5%

SPDR Select Sector Fund - Financial ( XLF ): +0.2%

Direxion Daily Gold Miners Index Bull 3X Shares ( NUGT ): -1.3%

SPDR S&P 500 ( SPY ): +0.1%

Direxion Daily Junior Gold Miners Index Bull 3X Shares ( JNUG ): -2.1%

Broad Market Indicators

Broad-market exchange-traded funds, including SPY, IWM and IVV were inching higher. Actively traded PowerShares QQQ (QQQ) was up 0.2%.

U.S. stock futures were pointing to a higher open, continuing gains from Tuesday's session, which in turn were spurred by upbeat consumer confidence data. The Dow Jones Industrial Average continues to flirt with 20,000 despite the light trading volume expected today.

The economic calendar is limited to the pending home sales index to be released at 10 am ET; it is expected to increase by 0.5% in November.

Power Play: Health Care

Health care funds Health Care SPDR (XLV), Vanguard Health Care ETF (VHT) and iShares Dow Jones US Healthcare (IYH) were flat. Biotechnology fund iShares NASDAQ Biotechnology Index (IBB) was up 0.1%.

ImmunoGen (IMGN) was up 12.8% after it reported encouraging results from a trial evaluating mirvetuximab soravtansine (IMGN853) in patients with ovarian cancer. The company said that the data demonstrate the potential clinical benefit of mirvetuximab soravtansine for the treatment of platinum-resistant ovarian cancer, and "suggest the potential to improve clinical outcomes for this patient population." Mirvetuximab soravtansine is ImmunoGen's lead program and is now in phase 3 testing as a single agent for the treatment of platinum-resistant ovarian cancer.

Winners and Losers


Select Financial Sector SPDRs ( XLF ) was up 0.3%. Direxion Daily Financial Bull 3X shares (FAS) was up 0.5% and its bearish counterpart, FAZ was flat.

Apollo Global Management (APO), Cerberus and Christofferson Robb & Co. are on Intesa Sanpaolo's short list of bidders for a EUR2.5 billion ($2.61 billion) bad-loan portfolio that the Italian lender plans to sell, according to a report from Reuters that cited two sources close to the matter as saying. The sale is expected to close in Q1, the sources were cited as saying in the news report Wednesday. The firms involved could not be immediately reached for a comment, according to the report.


Tech funds Technology Select Sector SPDR ETF (XLK), 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 quiet in pre-market trading . SPDR S&P International Technology Sector ETF (IPK) was also flat.

Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) and Semiconductor Sector Index Fund (SOXX) were inactive.

Qualcomm (QCOM) was down 1.1% after the company said The Korea Fair Trade Commission has imposed a KRW1.03 trillion fine ($865 million) administrative fine on the chip maker for violation competition law. The regulator said Qualcomm strong-armed makers of handsets to sign patent license deals that were unnecessarily broad, while also limiting access to its patents for other chip makers.


Dow Jones U.S. Energy Fund (IYE) and Energy Select Sector SPDR (XLE) was flat.

BP (BP) was up 0.6% after i has agreed to acquire 527 Woolworths-owned fuel convenience sites and 16 committed development sites for AUD1.79 billion ($1.29 billion). Woolworths said in filing with the Australian Stock Exchange that the companies also struck a strategic partnership under which BP committed to still fund Woolworths' 4 cents per liter fuel redemption offer for a minimum of 10 years. The two companies will also jointly develop and roll out convenience food in a new "Metro at BP" format.


Crude was down 0.1%. United States Oil Fund (USO) was up 0.5%. Natural gas was down 0.4% while United States Natural Gas Fund (UNG) was up 0.2%.

Gold was up 0.1%. SPDR Gold Trust (GLD) was down 0.03%. Silver was down 0.27% while iShares Silver Trust (SLV) was up 0.5%.


Consumer staples funds Consumer Staples Select Sector SPDR (XLP), Vanguard Consumer Staples ETF (VDC), and iShares Dow Jones US Consumer Goods (IYK) were unchanged.

Consumer Discretionary Select Sector SPDR (XLY) and retail funds SPDR S&P Retail (XRT), PowerShares Dynamic Retail (PMR) and Market Vectors Retail ETF (RTH) were also flat.

Ford Motor Company (F) was up 0.2% after it said it will introduce its next-generation Fusion Hybrid autonomous development vehicle in January. The new cars gain more computer processing power thanks to new hardware, new electrical controls and Lidar sensors. Meanwhile, Ford plans to add 20 next-generation autonomous research vehicles this year, bringing the total to 30, according to Cnet. Next year, it hopes to triple that number to 90 development vehicles, the report said.

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) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

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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