Mid-Day ETF Update: ETFs, Stocks Mixed as Street Digests Q3 GDP Data, Yellen Remarks

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

SPDR Select Sector Fund - Financial ( XLF ): +1.8%

PowerShares QQQ Trust, Series 1 ( QQQ ): +2%

iShares MSCI Emerging Index Fund ( EEM ): -1.7%

SPDR S&P 500 ( SPY ): -0.2%

VanEck Vectors Gold Miners ETF ( GDX ): -1.7%

Broad Market Indicators

Broad-market exchange-traded funds, including IWM and IVV were lower. Actively traded PowerShares QQQ ( QQQ ) was down 1.9%.

US stocks were mixed at session's half, with the Dow Jones Industrial Average pushing to another intraday high while the Nasdaq Composite and the Standard & Poor's 500 fell into negative territory.

In economic news, third-quarter US growth was revised up to 3.3% from an earlier estimate of 3%, matching forecasts. Meanwhile, pending home sales index bounced 3.5% to 109.3 in October, better than the 1.0% expected.

And, Federal Reserve Chair Janet Yellen didn't commit to an interest-rate hike or say what could happen between now and the statement that could impact the decision in her Congressional Joint Economic Committee appearance.

Power Play: Technology

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 weaker.

Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was down 3.8% while Semiconductor Sector Index Fund (SOXX) was down 4.1%. (AMZN) was down 2.8% even as it reported that Cyber Monday was its biggest shopping day worldwide in the company's history with a 30% increase in sales from Cyber Monday 2016, and surpassing sales on Prime Day 2017. Over the five-day period between Thanksgiving and Cyber Monday, customers ordered nearly 140 million items from small businesses alone. The Echo Dot was the best-selling item, while Whole Foods Market broke its all-time record of turkeys sold during the Thanksgiving season.

Winners and Losers


Select Financial Sector SPDRs ( XLF ) was up 1.6%. Direxion Daily Financial Bull 3X shares (FAS) was up 2% and its bearish counterpart, FAZ, was down 2%.

Independent Bank Group Inc (IBTX) shares were 1.4% higher as the company said it has priced an underwritten public offering of more than 2.1 million shares at $64 each. Of the shares being sold, 390,000 are being offered by Independent Bank Group and more than 1.7 million are being offered by five shareholders. Underwriters have a 30-day option to buy up to an additional 58,500 shares from Independent Bank Group and up to 154,453 additional shares from certain of the selling shareholders. Net proceeds to the bank are expected to be nearly $23.8 million. Independent Bank Group said it intends to use proceeds for general corporate purposes, including to increase capital to support continued growth through acquisitions and continued organic growth.


Dow Jones US Energy Fund (IYE) was down 0.1% and Energy Select Sector SPDR (XLE) was down 0.1%.

Scorpio Tankers (STNG) shares were down 1.8% after the company said it has priced an underwritten public offering of 30 million shares at $3 each. Underwriters have a a 30-day option to purchase up to an additional 4.5 million shares. The company said that Scorpio Services Holding Limited has agreed to purchase an aggregate of nearly 6.7 million shares. The offering is expected to close on Dec. 1. Scorpio Tankers said it will use net proceeds to strengthen the balance sheet and for general corporate purposes.


Crude was down 1.6%. United States Oil Fund (USO) was down 1.6%. Natural gas was up 1.9% while United States Natural Gas Fund (UNG) was up 1.3%

Gold was down 0.9%. SPDR Gold Trust (GLD) was down 0.7%. Silver was down 1.6%, while iShares Silver Trust (SLV) was down 1.6%.

Health Care

Health care funds Health Care SPDR (XLV), Vanguard Health Care ETF (VHT) and iShares Dow Jones US Healthcare (IYH), were firmer. Biotechnology fund iShares NASDAQ Biotechnology Index (IBB) was up 0.3%.

iBio (IBIO) shares plunged some 30% to their lowest level since March 2009 Wednesday after the developer of plant-based biopharmaceuticals said it has priced a public offering of 22.5 million shares at $0.20 each for gross proceeds of approximately $4.5 million. Underwriters have been granted a 45-day option to purchase up to nearly 3.4 million additional shares. The offering is expected to close on Nov. 30.


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

Meanwhile, Consumer Discretionary Select Sector SPDR (XLY) hit a new 52-week high, and retail funds SPDR S&P Retail (XRT), PowerShares Dynamic Retail (PMR) and Market Vectors Retail ETF (RTH) were in the green.

Chipotle Mexican Grill (CMG) shares rose 3.1% as the company said its chairman, CEO and founder, Steve Ells, will leave the CEO role and become its executive chairman as soon as the company completes the search for a successor. Ells said the company needs "to execute better to ensure our future success... bringing in a new CEO is the right thing to do for all our stakeholders."

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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