Equity markets started off the week on a shaky note as investors digested a plateful of mixed earnings and economic data. Major indexes were able to regain most of the lost ground from the morning sell-off by the time the trading session drew to a close. On Wall Street, the Dow Jones Industrial Average came out on top, gaining 0.56% on the day, while profit taking in shares of Apple dragged the Nasdaq into red territory, ending 0.76% lower on the day [see ETF Insider: More Earnings, More Volatility].
The financials sector was bolstered by better-than-expected results from banking giant Citigroup; the firm reported a net income of $2.93 billion, or 95 cents a share. Despite optimism on the earnings front, investors fretted over worse-than-expected economic data releases. Retail sales in March grew by 0.8%, falling short of the previous reading of 1.0%, while data from the housing market also missed expectations; the home builders index for April came in at 25, versus the previous reading of 28 [see Free Report: How To Pick The Right ETF Every Time].
The Vanguard REIT ETF (VNQ) was one of the best performing funds, gaining 1.37% on the day. This ETF marched higher right from the opening bell on Monday morning, hitting a high of $63.49 a share in the final hours of trading. It’s a bit surprising to see VNQ clinch a gain for the day seeing as how the latest housing market data missed analyst expectations. From a year-to-date performance perspective, this ETF has gained nearly 9% [see Comparing Four Different Dividend ETFs].
The Van Eck Market Vectors Gold Miners (GDX) was one of the weakest performers, shedding 1.81% on the day. GDX tumbled lower right from the opening bell as profit taking pressures dragged it all the way down to $46.39 a share by noon. Surprisingly, gold futures prices crept higher throughout the day, settling just above $1,650 an ounce [see GLD-Free Gold Bug ETFdb Portfolio].
Disclosure: No positions at time of writing.