U.S. equities struggled to find a definitive direction today, as investors seemingly took a breather from last week’s sharp rally. In economic news, Standard & Poor’s Rating Services announced its revision for the U.S., raising its outlook for the nation’s credit from negative to stable. And with no other major economic news on tap today, investors shifted their focus once again to when the Fed might scale back its massive bond-buying program [see The Cheapest ETF for Every Investment Objective].
After a choppy trading session, only one major U.S. equity index managed to close in positive territory. The Dow Jones Industrial Average ETF (DIA, A-) slipped 0.07%, after its underlying index rallied more than 200 points during Friday’s session. The S&P 500 ETF (SPY, A) ended flat, while the tech-heavy Nasdaq ETF (QQQ, A) inched 0.01% higher.
In Europe, markets were slightly lower after Italy’s first quarter GDP was revised to show a contraction of 0.6%. The Stoxx Europe 600 shed 0.1%. Meanwhile, Asian equities were mixed; Japan’s Nikkei Stock Average slipped soared 4.94% after a strong GDP revision, while China’s Shanghai Composite Index tumbled 1.39% on disappointing trade data.
Bond ETF Roundup
U.S. Treasury prices ended lower today following a choppy session ahead of three days worth of government auctions. Yields on 10-year notes rose 3.5 basis points, while 30-year bond and 3-year note yields fell 3 and 1 basis points, respectively [see also Seven Simple & Cheap ETF Model Portfolios].
Crude oil futures traded lower today, settling below $96 a barrel, as investors digested weaker-than-expected industrial data out of China. In other energy trading, natural gas futures and gasoline futures were slightly lower. Meanwhile, gold ended flat as investors weighed the S&P’s upgrade on the U.S.’s sovereign credit outlook.
ETF Chart Of The Day #1: (FDN)
The DJ Internet Index Fund (FDN, B+) was one of the best performers today, gaining 0.83% during the session. Shares of Google (GOOG) traded higher as news of the company buying Waze hit the streets, allowing this ETF to gap slightly higher at the open. FDN inched higher throughout the day, eventually settling at $46.08 a share [see High Tech ETFdb Portfolio].
ETF Chart Of The Day #2: (CHIQ)
The China Consumer ETF (CHIQ, B) was one of the worst performers today, shedding 1.18% during the session. After China’s trade data came in below expectations, this ETF gapped lower at the open. CHIQ slid sideways for the remainder of the day, eventually settling at $14.24 a share [see Asia-Centric ETFdb Portfolio].
ETF Fun Fact Of The Day
The best-performing regional strategy over the trailing one-year period has been the Euro Free Europe Portfolio, which has gained 23.29%.
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Disclosure: No positions at time of writing.