Equity markets took cues from overseas today as Greek elections stole the headlines, forcing investors to brush aside a pair of encouraging economic data releases on the home front. Profit taking pressures took hold of the market right from the opening bell, although major indexes did manage to regain a lot of lost ground by the end of the day. On Wall Street, the Dow Jones Industrial Average led the way lower, sinking 0.59% on the day, whereas the Nasdaq proved most resilient, losing 0.39% on the day [see ETF Insider: Cautiously Bullish At Home].
Euro zone debt drama is the talk of the town once again, and as such, domestic data reports are likely to be overlooked. On the home front, the NFIB small business index came in better-than-expected, along with news of 3.74 million job openings in March versus the previous reading of 3.57 million. Political tensions stemming from Greece ignited demand for safe haven assets throughout today’s session; amidst the flurry of trading, U.S. Treasuries soared, whereas gold futures surprisingly plunged lower [see also 3 ETF Trades For The Next Euro Zone Debt Crisis].
The United States Natural Gas Fund (UNG) was one of the best performers, gaining an impressive 4.73% during and otherwise dismal trading session on Wall Street. Natural gas futures rallied as the U.S. Energy Information Administration cut product forecasts for the year while at the same time raising demand expectations, paving the way for bullish sentiment [see also Energy Bull ETFdb Portfolio].
The Van Eck Market Vectors Gold Miners ETF (GDX) was one of the worst performers, shedding 3.43% on the day. Gold mining stocks tumbled lower alongside the precious yellow metal starting from the opening bell. Gold futures prices lost upwards of 2% on the day, sinking to a multi-month low at $1,595 an ounce right before lunchtime. On a positive note, above-average trading volumes did bolster GDX higher towards the end of the session, perhaps signaling a potential support level [see also Have Gold ETFs Lost Their Luster?].
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Disclosure: No positions at time of writing.
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