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ETF Preview: ETFs, Futures Pointing Higher as Wall Street Looks Ahead to Economic Data

MIDNIGHT TRADER 9:09 AM ET 5/23/2017

Symbol Last Price Change
VHT 139.44up 0 (0%)
FAS 43.39up 0 (0%)
XLK 55.68up 0 (0%)
IPK 42up 0 (0%)
USO 10.54 0 (0%)
UNG 7.7up 0 (0%)
GLD 119.9 0 (0%)
VDC 142.9up 0 (0%)
QUOTES AS OF 08:00:00 PM ET 05/22/2017

09:09 AM EDT, 05/23/2017 (MT Newswires) -- Active broad-market exchange-traded funds in Tuesday's pre-market session:

SPDR Select Sector Fund - Financial (XLF): +0.04%

iPath S&P 500 VIX Short Term Futures ETN (VXX): -0.6%

SPDR S&P 500 (SPY): +0.2%

iShares MSCI Emerging Index Fund (EEM): -0.1%

VanEck Vectors Gold Miners ETF (GDX): +0.04%

Broad Market Indicators

Broad-market exchange-traded funds, including SPY, IWM and IVV were modestly higher. Actively traded PowerShares QQQ (QQQ) was up 0.2%.

U.S. stock futures were in positive territory, with several economic data news in focus.

The flash Composite Purchasing Managers' Index or PMI for May will be released at 9.45 am ET. Economists are looking for composite consensus of 53.2, compared to 52.7 last month.

US Bureau of the Census' New Home Sales for April will be published at 10.00 am ET. The consensus for new home sales is 604K, down from 621K last month.

Richmond Fed Manufacturing Index for May is expected at 10.00 am ET. The forecasters are looking for index at 15, down from 20.5 in the comparable last month.

The terror attack in Manchester, U.K. late Tuesday, however, may weigh on trading throughout the regular session.

Power Play: Health Care

Health care funds Health Care SPDR (XLV), Vanguard Health Care ETF(VHT) and iShares Dow Jones US Healthcare (IYH) were flat. Biotechnology fund iShares NASDAQ Biotechnology Index (IBB) was flat.

EnteroMedics (ETRM) rose 26.8% after the medical device company said that it has acquired Gastric Vest System, through its acquisition of BarioSurg, Inc. Gastric Vest is an investigational medical device being studied for weight loss in morbidly obese patients. Under the deal, the company paid a consideration of 1.4 million unregistered shares of the company's common stock, 1 million shares of conditional convertible preferred stock, and $2 million in upfront cash.


Winners and Losers

Financial

Select Financial Sector SPDRs (XLF) was up 0.2%. Direxion Daily Financial Bull 3X shares(FAS) and its bearish counterpart, FAZ were flat.

Yintech Investment Holdings (YIN) reported Q1 adjusted EPS was RMB5.36 per ADS ($0.78), up from RMB3.03 per ADS in the year-ago quarter. Revenues more than doubled to RMB1.10 billion from RMB402.9 million. Analysts' consensus forecasts weren't available for comparison. For Q2, the company expects revenues of RMB600 million to RMB650 million.

Technology

Tech funds Technology Select Sector SPDR ETF(XLK) , iShares Dow Jones US Technology ETF (IYW), iShares S&P North American Technology ETF (IGM) and iShares S&P North American Technology-Software Index (IGV) were quiet in pre-market trading. SPDR S&P International Technology Sector ETF(IPK) was also flat.

Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) and Semiconductor Sector Index Fund (SOXX) were flat.

Apple (AAPL) was up 0.4% after an Indian official cited by Reuters said India has offered the company tax concessions for imported mobile handset components that it will use in local manufacturing. In exchange, Apple has agreed to boost local value addition in manufacturing over a period of time, the report added. Last week, the company started initial production of the iPhone SE model at its Taiwanese contract manufacturer Wistron's plant in Bengaluru.

Energy

Dow Jones U.S. Energy Fund (IYE) and Energy Select Sector SPDR (XLE) were inactive.

Chesapeake Energy (CHK) was down 0.2% after it priced a $750 million private placement of 2027 notes at 8%. The notes may be redeemed after June 15, 2022 at 100% of the principal amount plus a make-whole premium. Under certain conditions, Chesapeake may redeem up to 35% of the principal amount prior to June 15, 2020 at 108% of the principal amount. Proceeds may be used to pay down the company's revolving credit facility, to finance tender offers, and for general corporate purposes.

Commodities

Crude was down 0.1%. United States Oil Fund(USO) was up 0.1%. Natural gas was down 1.2% while United States Natural Gas Fund(UNG) was up 1.2%.

Gold was up 0.1%. SPDR Gold Trust(GLD) was up 0.04%. Silver was down 0.2% while iShares Silver Trust (SLV) was up 0.2%.

Consumer

Consumer staples funds Consumer Staples Select Sector SPDR (XLP), Vanguard Consumer Staples ETF(VDC) , and iShares Dow Jones US Consumer Goods (IYK) were unchanged.

Consumer Discretionary Select Sector SPDR (XLY) and retail funds SPDR S&P Retail (XRT), PowerShares Dynamic Retail (PMR) and Market Vectors Retail ETF (RTH) were also flat.

AutoZone (AZO) was down 8.3% after the company said its fiscal Q3 earnings were $11.44 per diluted share, up from $10.77 per share a year ago but missing the $11.95 average estimate from analysts polled by Capital IQ. Sales in the quarter ended May 6 were $2.62 billion, up from $2.59 billion a year ago but below analysts' expectations of $2.70 billion. Same store sales fell 0.8% The company adopted a new accounting standard on Aug. 28, 2016, that requires excess tax benefits from stock option exercises to be recognized in the income statement.

Price: 239.92, Change: +0.40, Percent Change: +0.17

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