Mid-Day ETF Update: ETFs, Stocks Track Crude Oil Higher; Street Mulls Bullard Comments

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

iPath S&P 500 VIX Short Term Futures ETN ( VXX ): -8%

SPDR S&P 500 ( SPY ): +0.8%

SPDR Select Sector Fund - Financial ( XLF ): +1.1%

iShares MSCI Brazil Capped Index Fund ( EWZ ): +6.6%

ProShares Trust Ultra VIX Short Term Futures ETF ( UVXY ): -16.3%

Broad Market Indicators

Broad-market exchange-traded funds, including SPY, IWM and IVV inched higher. Actively traded PowerShares QQQ (QQQ) was up 0.7%.

U.S. stocks turned higher at session's half, buoyed by higher crude oil prices following a Baker Hughes report which said that oil rigs operating in the U.S. surged by eight to 720, advancing for the 18th straight week to the strongest level since April 2015.

Meanwhile, investors were digesting comments from St. Louis Federal Reserve President James Bullard, who said he sees the Federal Open Market Committee's (FOMC) contemplative rate path may be overly aggressive. He based that view on the fact that longer-term yields have fallen, inflation expectations have weakened, and market expectations of the Fed's rate path have declined.

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 higher. SPDR S&P International Technology Sector ETF (IPK) was up 0.6%.

Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was up 1.3%; Semiconductor Sector Index Fund (SOXX) was up 1.2%.

Autodesk (ADSK) touched a new record high on Friday after it reported Q1 revenue of $486 million, above the analyst consensus of $470 million on Capital IQ but down 5% vs. year ago levels. Non-GAAP loss was $0.16 per share, narrower than expectations for a loss of $0.23 per share and wider than the year ago loss of $0.10 per share. For Q2, the company expects revenue of $488 to $500 million, in line to above the Street view of $488 million. Loss is seen in a range of $0.18 to $0.14 per share, vs. expectations of a loss of $0.15 per share. For FY 2018, Autodesk is forecasting revenue of $2.0 to $2.05 billion, vs. the Street view of $2.02 billion. Loss is targeted at $0.73 to $0.56 per share, vs. expectations for a loss of $0.60 per share.

Winners and Losers


Select Financial Sector SPDRs ( XLF ) was up 1.1%. Direxion Daily Financial Bull 3X shares (FAS) was up 3%, while its bearish counterpart, FAZ, was down 3.1%.

Condor Hospitality Trust (CDOR) was down 1.2% after it said that it has closed on the sale of a legacy hotel asset, the 40-room Key West Inn located at 201 Ocean Drive, Key Largo, Florida for $7.6 million. Net proceeds from the sale will be applied to outstanding debt on the company's $150 million secured credit facility.


Dow Jones U.S. Energy Fund (IYE) was down 1.3% and Energy Select Sector SPDR (XLE) was up 1.2%.

MagneGas (MNGA) was down 2.8% after it said that it has filed a certificate of amendment to its certificate of incorporation to effect a 1-for-10 reverse stock split on its common stock. The reverse stock split is intended to raise the share price of company to maintain its listing on the Nasdaq Capital Market.


Crude was up 1.9%. United States Oil Fund (USO) was up 2.1%. Natural gas was up 2.6% while United States Natural Gas Fund (UNG) was up 2%.

Gold was down 0.1%. SPDR Gold Trust (GLD) was up 0.3%. Silver was up 0.4% while iShares Silver Trust (SLV) was down 1.1%.

Health Care

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

McKesson (MCK) was up 8.6% after it reported late Thursday adjusted non-GAAP earnings of $3.39 for the fiscal Q4 from $2.44 a year earlier and topping the consensus on Capital IQ for $3.01. For the period ending March 31, the company said revenue was up 4% to $46.7 billion, but this missed the Wall Street view for $49.5 billion. The company sees adjusted EPS of $11.75 to $12.45 for the fiscal year ending March 2018. The Street's expectation is for $11.60 a share.


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

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 in positive territory.

Foot Locker (FL) was down 15% after it reported Q1 EPS of $1.36, down from $1.39 in the same period a year ago and missing the estimate of $1.38 from analysts polled by CapIQ. For the quarter ended April 29 total revenues of $2 billion were up from $1.99 billion in the same period a year ago and short of the Street projection of $2.02 billion. Q1 comparable store sales increased 0.5%. The company said it is "aggressively reviewing and implementing opportunities to lower expenses" as it works to achieve a mid-single digit EPS increase for the full year. The company posted 2016 full year EPS of $4.91.

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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