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Stock ETFs Broadly Higher But Oil And Metal Stocks Crumble On Commodity Losses

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Major stock-index ETFs opened mostly lower Tuesday, but later rallied. Commodity prices declined, but GDP growth for the third quarter was revised upward.

SPDR S&P 500 ( SPY ) was up 0.2% on the stock market today .

This exchange traded fund, a proxy for the broad U.S. market, sits just under its 52-week high of 219.60, set on Friday.

Energy trailed S&P 500 sectors in early trading as oil extended losses. Defensive sectors, such as utilities and real estate, advanced for a second straight day this week.

Commodities analysts are increasingly doubtful about an OPEC deal to cut or freeze production levels, amid signs of discord between Iran and other major world oil producers. OPEC is set to meet in Vienna on Wednesday to hammer out a deal.

VanEck Vectors Oil Services ( OIH ) slid 3.2% in early trading along with U.S. crude futures. OIH was testing support at its 50-day moving price average.

[ibdchart symbol="GDX" type="daily" size="half" position="leftchart" ]

Gold, another key commodity, was also lower following upbeat economic data and expectations that the Federal Reserve will raise interest rates in December.

The decline weighed on a slew of ETFs investing in companies that mine precious and industrial metals.

SPDR S&P Metals & Mining ( XME ), VanEck Vectors Gold Miners ( GDX ) and VanEck Vectors Junior Gold Miners ( GDXJ ) gave up more than 2.0% each.

GDX has tumbled 34% below its August peak of 31.79. It's attempting to form a bottom at around 20.

The U.S. economy expanded at a 3.2% annual rate in the third quarter, the Commerce Department said Tuesday. That's the strongest growth since the second quarter of 2014 and the figure was revised upward from an initial reading of a 2.9% gain.

Consumer confidence also improved in November, data showed.

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12 Bellwether ETFs

Here's a look at the performance of major exchange traded funds across key asset classes on the stock market today.

The Relative Price Strength (RS) Rating measures a stock's price performance over the last 12 months vs. all stocks and ETFs, on a scale of 1 to a best-possible 99.

SPDR S&P 500 ( SPY ), +0.2%, RS 53

PowerShares QQQ (QQQ), -0.3%, RS 56

SPDR Dow Jones Industrial Average (DIA), -0.1%, RS 59

IShares Core S&P Mid-Cap (IJH), +0.3%, RS 65

IShares Russell 2000 (IWM), +0.5%, RS 72

IShares MSCI EAFE (EFA), +0.5%, RS 32

Vanguard FTSE Emerging Markets (VWO), 0%, RS 51

SPDR Gold Shares (GLD), -0.5%, RS 29

United States Oil (USO), -3.4%, RS 25

IShares Core U.S. Aggregate Bond (AGG), -0.1%, RS 32

PowerShares DB U.S.$ Bullish (UUP), 0%, RS 51

IPath S&P 500 VIX Short-Term Futures (VXX), +0.8%, RS 2

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


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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