The major index-tracking ETFs hiccupped Friday after two stellar trading sessions as consumer confidence eased to a three-month low in August. Exchange traded funds holding energy stocks had led the broad market higher around midday on the back of rising oil prices. By early afternoon, the market was losing ground again.
SPDR S&P 500 (ARCA:SPY) edged 0.2% higher intraday, but a bearish sign appeared on its chart. It entered the “Death Cross” as the 50-day moving average crossed below the 200-day line.
Top 25 holdings Exxon Mobil (NYSE:XOM) andChevron (NYSE:CVX) gained 0.9% and 3.4% respectively by midday. U.S. crude oil briefly crept above $45 a barrel.
SPDR S&P Oil & Gas Exploration & Production (ARCA:XOP) popped 1.3% on the stock market today.
Market Vectors Oil Services (ARCA:OIH) advanced 3.7%.
Both ETFs have been gutted in the past year as commodity prices plunged.
XOP is 52% off its 52-week high.
While ETFs tracking the tech-heavy Nasdaq and blue-chip Dow Jones Industrial Average benchmarks also wavered between wafer-thin gains and losses shortly after noon, small caps held steadily higher.
IShares Russell 2000 (ARCA:IWM), following a basket of U.S. small-cap stocks, rose 1%.
Top 10 holdings Tyler Technologies (NYSE:TYL) rose 1% and Ultragenyx Pharmaceutical (NASDAQ:RARE) 3% in mid-day trade.
International ETFs holding China equities were both among the biggest winners and losers Friday.
A-share ETF portfolios, holding stocks traded in Shanghai and Shenzhen, gained as much as 4%. Peers holding H-shares, listed in Hong Kong, fell around 2%.
IShares China Large Cap (ARCA:FXI) was down 2% on the day and poised to end the week essentially flat.
ETFs holding physical gold ticked up but were headed toward their largest weekly drop in five weeks. Those losses come amid higher expectations of a rate increase by year-end.
Gold struggles to compete with yield-bearing assets when rates are rising.
Here’s a look at how benchmark exchange traded funds tracking various asset classes are performing today.
Following daily ETF market action can be key to successful investing:
10 Bellwether ETFs:
• SPDR Gold Shares (ARCA:GLD), +0.8%, RS 49
• IShares Russell 2000 (ARCA:IWM), +0.7%, RS 56
• IShares Core S&P Mid-Cap (ARCA:IJH), +0.4%, RS 59
• PowerShares DB U.S.$ Bullish (ARCA:UUP), +0.3%, RS 80
• SPDR S&P 500 (ARCA:SPY), 0%, RS 59
• PowerShares QQQ (NASDAQ:QQQ), 0%, RS 71
• IShares Core U.S. Agg Bond (ARCA:AGG), -0.1%, RS 71
• SPDR Dow Jones Industrial Average (ARCA:DIA), -0.2%, RS 52
• IShares MSCI EAFE (ARCA:EFA), -0.2%, RS 47
• Vanguard FTSE Emerging Markets (ARCA:VWO), -1%, RS 27
Follow Aparna Narayanan on Twitter: @IBD_ANarayanan.