Markets

Stock ETFs Pop As Oil Hits New 2016 High But Consumer Worries Grow

Shutterstock photo

Major index ETFs punched up at Thursday's open on sharply higher oil prices , a day after retail earnings rattled investors and raised fresh concerns about the American consumer.

More retail earnings loom, including Nordstrom ( JWN ) after the close and J.C. Penney ( JCP ) Friday. Reports on retail health and consumer sentiment are also due tomorrow.

On Thursday, however, oil prices drove early stock market action.

U.S. crude oil futures briefly topped $47 a barrel ahead of the market open, the highest level since early Nov. 2015, according to news reports. The gains followed official data showing an unexpected fall in U.S. crude stockpiles vs. market expectations for a rise.

Energy Select Sector SPDR ( XLE ) jumped 0.8% on the stock market today as the sector helped to lead the S&P 500 higher. The ETF sits 18% below its 52-week high, set a year ago.

United States Oil ( USO ), a commodity ETF, popped 0.9% intraday. USO invests in near-month West Texas Intermediate crude futures.

The health care sector lagged in morning trade. Biotech stock ETFs sold off sharply, giving up as much as 1.5%.

Brazilian stocks were in motion a day after Brazil's senate voted to suspend President Dilma Rousseff and begin impeachment proceedings against her.

IShares MSCI Brazil Capped ( EWZ ) shaved off more than 1% intraday, trailing most other international stock peers.

On the IBD Leaderboard , SPDR Gold Shares (GLD) came under modest pressure, giving up 0.2%. GLD is still showing relative strength, although progress has been slow from a prior buy point of 120.94. It has also fallen below an alternative 122.47 entry.

The ETF tracks the price of gold .

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), +0.4%, RS 58

PowerShares QQQ (QQQ), +0.1%, RS 50

SPDR Dow Jones Industrial Average (DIA), +0.4%, RS 58

IShares Core S&P Mid-Cap (IJH), +0.6%, RS 62

IShares Russell 2000 (IWM), +0.4%, RS 50

IShares MSCI EAFE (EFA), +0.8%, RS 34

Vanguard FTSE Emerging Markets (VWO), +0.4%, RS 34

SPDR Gold Shares (GLD), -0.1%, RS 76

United States Oil ( USO ), +1.0%, RS 42

IShares Core U.S. Aggregate Bond (AGG), -0.1%, RS 50

PowerShares DB U.S.$ Bullish (UUP), 0%, RS 31

IPath S&P 500 VIX Short-Term Futures (VXX), -1.1%, RS 7

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.

In This Story

JWN JCP XLE EWZ USO

Other Topics

ETFs