ETF Preview: Transportation Funds Get Boost From BNI Deal - Banking Funds Drop On European News
Active-volume exchange-traded funds in Monday's regular session:
SPDR S&P 500 (SPY): +0.7%
iShares S&P 500 (IVV): +0.6%
PowerShares QQQ (QQQQ): +0.4%
Select Financial Sector SPDRS (XLF): +0.9%
iShares Russell 2000 (IWM): -0.2%
iShares Russell 1000 Growth (IWF): +0.7%
iShares MSCI Emerging Markets Index (EEM): +1.5%
United States Oil Fund (USO): +1.7%
The top ETF volume movers in pre-market action this morning:
SPY, -0.5%
QQQQ, -0.5%
SDS, +1%
GLD, +0.2%
FAZ, +2.9%
Winners and Losers
Major market ETFs, including the SPY, DIA, UYG and others, are
lower in reaction to sharp downside futures trading. European banking
declines are weighing on financial markets. An Australian interest-rate
hike is seen as a sign of more tightening to come around the globe, the
timing of which will be crucial in keeping the recovery on track.
The PowerShares QQQ (QQQQ), which tracks the technology-studded Nasdaq Composite, is down 0.4%.
Major banking and brokerage shares are lower, with C down 2% and
BAC down 1.4% to lead the volume ranks. Select Financial Sector SPDRS
(XLF) is down 1.2%. The Direxion Financial Bull 3X fund (FAS) is down
2.7%; its bearish counterpart, FAZ, is down 2.6% and among morning
actives.
There's no shortage of financial sector news this morning. Lloyds
Banking Group (LYG) says it will raise $34 billion to avoid a British
government asset protection plan, MarketWatch reported. Royal Bank of
Scotland (RBS) will stay in the plan on altered terms. Both will sell
off assets. UBS (UBS), meanwhile, swings to a loss of over $500 million
in Q3 on a variety of charges, with wealthy clients still taking assets
out of the Swiss bank, MarketWatch reported.
Technology Select Sector SPDR (XLK) is flat.
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