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ETF Preview: ETFs, Futures Point Higher as Wall Street Focuses on Earnings; Empire State Manufacturing Data Still Ahead

Active broad-market exchange-traded funds ahead of Monday's regular session:

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

SPDR S&P 500 (SPY): +0.04%

iShares MSCI Emerging Index Fund (EEM): -0.1%

SPDR S&P Oil & Gas Explor & Product (XOP): -0.2%

iPath Series B S&P 500 VIX Short-Term Futures ETN (VXXB): -0.6%

Broad Market Indicators

Broad-market exchange-traded funds, including IWM and IVV, were inching higher. Actively traded PowerShares QQQ (QQQ) were up 0.06%.

Equity inflows in ETFs have been falling, as some investors might be quietly withdrawing their money in the Asian stock market despite an 11% rally so far this year, Bloomberg said, citing data compiled by Citigroup. A monthly net outflow has been recorded March -- the second time in two years that it posted a monthly outflow, Bloomberg added.

Meanwhile, US stock futures were higher ahead of the open as investors are bracing for the US earnings season, with Citigroup (C), Goldman Sachs (GS), and M&T Bank (MTB) reporting their results pre-bell.

In economic news, the Federal Reserve will announce April results of its General Business Conditions Index for New York state at 8:30 am ET, with expectations for a reading of 6.8, which would be above the prior month's 3.7.

For Fed-watchers, Chicago Fed President Charles Evans speaks at 8:30 am ET and again at 12 pm ET.

Power Play: Financial

The Select Financial Sector SPDRs (XLF) was down 0.2%. Direxion Daily Financial Bull 3X shares (FAS) was flat and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was inactive.

M&T Bank (MTB) reported Q1 operating earnings of $3.38 per share, up from $2.26 in the same period a year ago and topping the estimate of $3.29 from analysts polled by Capital IQ. Total revenue of $1.55 billion was up from $1.43 billion in the same period a year ago and exceeded the Street projection of $1.51 billion. MTB shares were marginally lower in pre-market trading.

Winners and Losers

Technology

Technology Select Sector SPDR ETF (XLK) was down 0.1% and iShares Dow Jones US Technology ETF (IYW) and iShares S&P North American Technology ETF (IGM) were inactive.

Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) and Semiconductor Sector Index Fund (SOXX) were both quiet in pre-market trade.

Cellcom Israel (CEL), an Israeli communications group, said Sunday it has repaid NIS112 million ($31.4 million) of the outstanding principal amount under its loan agreement with an Israeli bank entered into in 2015. The company said the early repayment will result in approximately NIS9 million of accumulated interest expense savings. CEL rose nearly 8%.

Energy

Dow Jones US Energy Fund (IYE) was flat and Energy Select Sector SPDR (XLE) was up 0.1% in pre-market trade.

Royal Dutch Shell (RDS.A, RDS.B) and Reliance Industries are planning to leave the Panna-Mukta oil fields when their production-sharing contract with the Indian government expires in December, the Economic Times reported, citing sources. Both companies are locked in an arbitration with the government over the state's share of revenue from the Panna, Mukta and Tapti (PMT) fields, which produced 1.08 million barrels of crude oil and 13.5 billion cubic feet of natural gas in the fourth quarter. Shell and Reliance Industries each own a 30% participating interest in the oil fields, according to the report. State-run Oil & Natural Gas Corp., or ONGC, which holds 40% of the PMT fields, is not a party to the arbitration but will have to honor the arbitration award. Royal Dutch's ADRs rose marginally.

Commodities

Crude was down 1%. United States Oil Fund (USO) was down 0.9%. Natural gas was down 1.2%, while the United States Natural Gas Fund (UNG) was down 0.9%.

Gold was down 0.5%. SPDR Gold Trust (GLD) was down 0.3%. Silver was down 0.5%, while iShares Silver Trust (SLV) was down 0.4%.

Health Care

Health Care SPDR (XLV) and other health care funds including Vanguard Health Care ETF (VHT) and iShares Dow Jones US Healthcare (IYH) were flat in pre-market trade. Biotechnology fund iShares NASDAQ Biotechnology Index (IBB) was up 0.1%.

Taronis Technologies (TRNX) fell more than 9% after it filed late Friday a shelf registration statement for the sale of up to $100 million of its securities from time to time. The filing covers the sale of common stock, preferred stock, warrants, rights and units. Unless otherwise indicated in a prospectus supplement, the Florida-based company intends to use the net proceeds from the sale of securities to continue its acquisition strategy and for working capital and general corporate purposes.

Consumer

Consumer Staples Select Sector SPDR (XLP) and Vanguard Consumer Staples ETF (VDC) and iShares Dow Jones U.S. Consumer Goods (IYK) were inactive.

Consumer Discretionary Select Sector SPDR (XLY) and retail funds SPDR S&P Retail (XRT) and Market Vectors Retail ETF (RTH) were quiet in pre-market trade.

Toyota Motor (TM) has agreed to sell a license to Chinese electric vehicle startup Singulato for the use of the design of Toyota's eQ battery electric microcar, Reuters reported Monday, without disclosing a price tag for the sale. The deal, said Reuters, is set to be announced Tuesday at the Shanghai auto show, during which Singulato is also expected to unveil a concept car based on the Toyota technology. Reuters, however, noted that the sale's financial terms are not expected to be released, though a Singulato source said the price reached "several tens of millions of dollars." TM shares were inactive.

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

In This Story

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