Major stock ETFs simmered quietly Thursday after recent bullish gains as investors eyed the Fed. Oil poked above $50 a barrel before reversing lower, providing short-lived relief to frayed nerves.
U.S. West Texas Intermediate crude futures for June delivery rose to $50.21 in early trade, the highest since mid-October, according to news reports. Outages in Nigeria and Canada have sapped U.S. crude stockpiles, official energy data released Wednesday show.
The ETF still sits 28% below its 52-week high, set nearly a year ago.
United States Oil ( USO ), a commodity ETF investing in near-month WTI futures, also reversed to a 0.4% loss intraday.
While the energy sector wobbled Thursday, defensively oriented utilities and consumer staples marched higher.
Financial Select Sector SPDR ( XLF ) dropped 0.4% in morning trade. Bank stocks fell amid some likely profit-taking after notching 2016 highs Thursday.
Investors remain wary ahead of a keenly watched event featuring Federal Reserve chief Janet Yellen at Harvard University Friday. Her speech may shed light on Fed thinking about the path of interest-rate hikes. Financial stocks and ETFs have been volatile recently in the midst of policy uncertainty.
12 Bellwether ETFs
Here's a look at how major exchange traded funds, tracking various asset classes, are performing today.
Following daily ETF market action can be key to successful investing:
SPDR S&P 500 (SPY), +0.1%, RS 62
PowerShares QQQ (QQQ), +0.2%, RS 54
SPDR Dow Jones Industrial Average (DIA), 0%, RS 62
IShares Core S&P Mid-Cap (IJH), +0.2%, RS 66
IShares Russell 2000 (IWM), +0.1%, RS 50
IShares MSCI EAFE (EFA), +0.4%, RS 41
Vanguard FTSE Emerging Markets (VWO), +0.5%, RS 33
SPDR Gold Shares (GLD), +0.1%, RS 62
United States Oil ( USO ), -0.3%, RS 62
IShares Core U.S. Aggregate Bond (AGG), +0.1%, RS 45
PowerShares DB U.S.$ Bullish (UUP), -0.3%, RS 30
IPath S&P 500 VIX Short-Term Futures (VXX), -1.1%, RS 4