Active-volume exchange-traded funds in Monday’s regular session:
SPDR S&P 500 (SPY): -2.3%
iShares S&P 500 (IVV): -2.3%
PowerShares QQQ (QQQQ): -2.1%
Select Financial Sector SPDRS (XLF): -2.6%
iShares Russell 2000 (IWM): -2.7%
iShares Russell 1000 Growth (IWF): -1.8%
iShares MSCI Emerging Markets Index (EEM): -3.6%
United States Oil Fund (USO): -2.3%
Top-volume movers in this morning’s pre-market session:
SPY, +0.2%
QQQQ, +0.4%
UNG, +3.4%
FAZ, -1.3%
DXO, +3.3%
Winners and Losers-
Major market ETFs, including the SPY, DIA, UYG and others, are firmer this morning as futures trade improved in step with upbeat economic data. Futures had chopped on either side of the even mark following a steep sell-off Monday. The PowerShares QQQ (QQQQ), which tracks the technology-studded Nasdaq Composite, is up 0.4%.
Technology Select Sector SPDR (XLK) should see increased interest closer to today’s bell. Microsoft (MSFT) is up 0.3%. Jefferies reportedly raised its price target on the stock this morning to $26 from $22 per share.
Financial stocks are modestly firmer this morning. Select Financial Sector SPDRS (XLF) is up 0.1%. The Direxion Financial Bull 3X fund (FAS) is up 1.1%; its bearish counterpart (FAZ) is down 1.3%. Within the sector, Huntington Bancshares (HBAN) is up for a second day in active volume after the stock was mentioned positively Friday night on Jim Cramer’s Mad Money show. Cramer suggested HBAN is the best speculative stock in the financial sector.
Commodities -
The United States Oil Fund (USO) is up 2.7%. Oil futures extended their gains after data showed a jump in housing starts and an increase in producer prices in May. July crude rose $1.83, or 2.6%, to $72.45 a barrel in electronic trading.
SPDR Gold Shares (GLD) is up 1.2%. August gold is up 1.2% to $938.80 an ounce after the economic data hit. iShares COMEX Gold Trust (IAU) is flat. The Market Vectors Gold Miners fund (GDX) is up 2.3% in early action. iShares Silver Trust (SLV) is up 2%.
ETF Power Play -
The SPDR S&P Retail fund (XRT) could see increased downside pressure closer to today’s bell.
Leading sector headlines, Best Buy (BBY) reports Q1 adjusted EPS of $0.42 vs $0.43 a year earlier and topping the Thomson Reuters mean analyst estimate for $0.34. Revenue rose to $10.1 billion from $9 billion a year earlier and in line with the Street view. Same-store sales fell 6.2% vs a gain of 3.7% in the same period a year earlier. The company maintains its FY 2010 guidance, expecting EPS of $2.50 to $2.90 ex-charges. The Street is at $2.79.
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