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Mid-Day ETF Update: ETFs, Stocks Higher as Major Indices Set Record Highs on Upbeat Retail Earnings

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

Direxion Daily Junior Gold Miners Index Bull 3X Shares ( JNUG ): -0.8%

SPDR S&P 500 ( SPY ): +0.4%

SPDR Select Sector Fund - Financial ( XLF ): +0.4%

VanEck Vectors Gold Miners ETF ( GDX ):

Direxion Daily Gold Miners Index Bull 3X Shares ( NUGT ): -3.4%

Broad Market Indicators

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

U.S. stocks were holding on to their gains at session's half, as the major indices hit new record highs. Strong quarterly results from companies in the retail sector such as Wal-Mart (WMT) and Home Depot (HD) helped lift market sentiment.

In economic data news, the flash February services PMI fell to 53.9 from January's 55.6, missing estimates for 55.8. At the same time, the manufacturing index dropped to 54.3 from 55.0 previously, below the 55.3 projections.

Power Play: Consumer

Consumer staples funds were in the green, ahead of the broader market. Consumer Staples Select Sector SPDR (XLP), Vanguard Consumer Staples ETF (VDC), and iShares Dow Jones US Consumer Goods (IYK) were weaker.

Likewise, 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 higher.

Wal-Mart (WMT) was up 3.3% after it reported fiscal Q4 adjusted EPS of $1.30, a penny above the Street view as compiled by Capital IQ, though down from $1.49 reported a year earlier. Revenues was $130.94 billion, above the $130.22 billion Street view, and also above the $129.67 billion reported a year earlier, In guidance, Wal-Mart estimated fiscal year 2018 EPS to $4.20 to $4.40, compared to $4.32 in fiscal 2017 and straddling the Street view of $4.32. For Q1, Wal-Mart guided EPS to $0.90 to $1.00, straddling the $0.96 Street view.

Winners and Losers

Financial

Select Financial Sector SPDRs ( XLF ) was up 0.4%. Direxion Daily Financial Bull 3X shares (FAS) was up 1.3%, while its bearish counterpart, FAZ, was down 1.5%.

Ocwen Financial Corp (OCN) was up 8% after the mortgage-servicing company said it has settled the January 2015 consent order by state regulators in California, agreeing to pay $25 million in cash in exchange for not having to either admit or deny any wrongdoing.

Technology

Tech stocks 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 higher, all hitting record highs. SPDR S&P International Technology Sector ETF (IPK) was up 1.4%.

Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was up 1% and Semiconductor Sector Index Fund (SOXX) was up 1.2%; both reached all-time highs.

Daktronics (DAKT) was down 13% after it reported fiscal Q3 net loss of $0.12 per share, compared to $0.04 loss per share in the prior year period. Capital IQ provided a Street estimate of $0.02 loss per share. Net sales for the quarter ended Jan. 28 were $115.7 million, down from $123.8 million reported for the same period last year and fell short of the $126.1 million Street estimate.

Energy

Dow Jones U.S. Energy Fund (IYE) was up 1.1% and Energy Select Sector SPDR (XLE) was up 1%.

Crestwood Equity Partners LP (CEQP) was down 3% after it reported Q4 revenue of $795.0 million, versus $629.1 million for the same period last year. Loss per share was $1.20, versus a loss of $20.77 last year. The company says it sees full-year 2017 net income of $0 to $30 million.

Commodities

Crude was down 0.5%. United States Oil Fund (USO) was up 1.8%. Natural gas was down 0.3% while United States Natural Gas Fund (UNG) was down 7.5%.

Gold was up 0.1%. SPDR Gold Trust (GLD) was up 0.2%. Silver was down 0.2% while iShares Silver Trust (SLV) was up 0.3%.

Health Care

Health care funds were higher, but behind the broader market. Health Care SPDR (XLV), Vanguard Health Care ETF (VHT) and iShares Dow Jones US Healthcare (IYH) were in the green. Meanwhile, Biotechnology fund iShares NASDAQ Biotechnology Index (IBB) was down 0.7%.

Trevena (TRVN) was down 34.8% after reporting positive top-line phase 3 results of oliceridine in moderate-to-severe acute pain following bunionectomy and abdominoplasty. Trevena said all dose regimens achieved their primary endpoint of greater analgesic efficacy compared to placebo in both studies. The company also said oliceridine demonstrated dose-related trends of improvements versus morphine on certain measures of respiratory safety and gastrointestinal tolerability. The company added it is on track for a new drug application submission of oliceridine to the Food and Drug Administration in Q4.

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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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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