Major market ETFs, including the SPY, DIA, UYG and others, are
modestly firmer this morning, moving in step with early futures
trading.
Wall Street has been treated to mostly positive economic news this
week and will look to Friday's two reports to continue that trend. But
analysts also warned that modest signs of recovery have been well
priced into stocks already.
Personal income and spending data are due out at 8:30 a.m. ET.
The revised Univ. of Michigan consumer sentiment gauge is due for
release at 10 a.m.
The PowerShares QQQ (QQQQ), which tracks the technology-studded
Nasdaq Composite, is up 0.3% this morning. Technology Select Sector
SPDR (XLK) is up 0.1%. iShares U.S. Technology (IYW) could see
increased upside interest closer to the bell. Earnings results from key
sector names are driving early trading. Dell (
DELL) drifted between
unchanged and just lower in after-hours trading following its earnings
release but has started today's pre-market session higher. Dell
reported Q2 EPS of $0.24 per share, a penny better than the Street
view. Revs were $12.8 bln, better than the analyst mean of $12.59 bln
on Thomson Reuters. Marvell (
MRVL) is posting robust early gains. The
company guided above the Street view for Q3 during last evening's
extended-hours period.
Select Financial Sector SPDRS (XLF) is up 1%. The Direxion
Financial Bull 3X fund (FAS) is up 2.1%; its bearish counterpart, FAZ,
is down 2%. Major bank, brokerage, mortgage and insurance shares are
all posting solid pre-market gains. Citi (
C) is up 4.5%, while Bank of
America (
BAC) is up 1.5%.
SPDR Retail fund (XRT) is likely to get a boost from sector
earnings news. J. Crew (
JCG) is up, extending its after-hours gain that
followed its Q2 beat and guidance that's in line to above the Street.
Tiffany (
TIF) is up 7% in pre-bell action after it beat with Q2 results
and raised its FY EPS guidance.
Commodities -
United States Oil Fund (USO) is down 0.2%. U.S. Natural Gas (UNG)
is down 0.5%. October crude is up $0.71 at $73.20 a barrel, just shy of
the mark north of $74, the best level of the year, hit earlier this
week. Nat gas futures are down $0.04 at $3.163 per mln BTU.
Gold is up $6.90 at $954.20 as the dollar traded mixed against its
major counterparts. SPDR Gold Shares (GLD) is up 0.3%. The Market
Vectors Gold Miners fund (GDX) is up 1%. iShares Silver Trust (SLV) is
up 1.6%.
ETF Power Play -
The iShares MSCI Japan Index Fund (EWJ) is in the spotlight ahead of a key national election Sunday.
Japanese voters are expected to oust the ruling Liberal Democratic
Party in favor of the "change" promising opposition Democratic Party of
Japan. The challenger seeks to form a government with a focus on
boosting domestic demand rather than the LDP's traditional emphasis on
supporting businesses and industry. Change is expected to provide at
least an initial boost to stock sentiment.
Recent opinion surveys predict a landslide for the DPJ, with an
Asahi Shimbun poll tipping it to take 320 of the 480 seats up for grabs
in the lower house, according to a Kyodo story out Thursday.
The DPJ has been vague on how this ambitious shift will be funded,
in a country where government debt already tops 170% of gross domestic
product, according to a report on MarketWatch.
Active-volume exchange-traded funds in Thursday's regular session:
SPDR S&P 500 (SPY): +0.2%
iShares S&P 500 (IVV): +0.3%
PowerShares QQQ (QQQQ): +0.2%
Select Financial Sector SPDRS (XLF): +1%
iShares Russell 2000 (IWM): -0.2%
iShares Russell 1000 Growth (IWF): +0.2%
iShares MSCI Emerging Markets Index (EEM): -0.2%
United States Oil Fund (USO): +2.1%
The top ETF volume movers in pre-market action this morning:
SPY, +0.4%
QQQQ, +0.3%
UYG, +1.2%
FAZ, -1.5%
UNG, -0.4%
