Notable ETF Movers of the Day 06/24: (UUP) (FXI) (XLU) Higher; (SPY) (GLD) EWT) Lower
- China Cuts Benchmark Rate Amid Weaknening Growth Prospects; Markets React (FXI)
- Unusual 11 Mid-Day Movers 11/21: (CANF) (NGVC) (EDAP) Higher; (MOLG) (NBS) (WAIR) Lower
- Dow Chemical (DOW), Third Point Enter Agreement; Four New Independent Directors Added
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- PowerShares DB US Dollar Index Bullish (NYSE: UUP) up 0.56 percent to $21.62. The U.S. dollar hanging on to gains today, following an upwardly revised Q1 GDP number. GDP was increased 10 basis points to 1.9 percent in the first-quarter, from 1.8 percent initially. The number continues from 3.1 percent of growth recorded in Q410, amid increasing crude prices and an earthquake in Japan that led to several disruptions to electronics and manufacturing supplies.
- iShares FTSE China 25 Index Fund (NYSE: FXI) up 1.09 percent to $41.72. China stocks were making gains upon a steadier euro, and the move is being bolstered today following upwardly revised Q1 GDP. Further, Chinese Premier Wen Jiabao said that steps to fight inflation were working, infusing hopes that emerging Asian market would be able to sustain current growth.
- Utilities Select Sector SPDR (NYSE: XLU) up 0.52 percent to $32.87. The ETF is being led higher by Exelon Corp. (NYSE: EXC), which is up 1.5 percent following initiation of coverage by two analyst firms this morning. RBC started Exelon at Outperform with a $48 price target and Wunderlich initiated with a Buy at $47 price target.
- SPDR S&P 500 (NYSE: SPY) down 1 percent to $127. Markets still holding out on passage of Greek austerity, though some, like PIMCO's Mohammed El-Erian, believe the Greek's will default, and it won't have quite the fallout that the market is anticipating. Teh S&P's down about 0.8 percent on the session.
- SPDR Gold Shares (NYSE: GLD) down 1.3 percent to $146.42. Gold is showing continued weakness today as traders keep an eye on markets for hints to direction following Greek measures. August contracts, the most actively traded, are $11.9 lower to $1,508.6 per ounce on the Comex.
- iShares MSCI Taiwan Index (NYSE: EWT) down 1.48 percent to $14.62. Taiwan is shrugging rally in Asia as the country is expected to receive some action from tropical storm Meari. From NASA: "On June 22, Tropical Storm Meari had maximum sustained winds near 40 knots (46 mph/74 kmh)with higher gusts. It is about 315 nautical miles east-northeast of Manila, Philippines near 16.0 North and 125.9 East. It was moving northwestward near 15 knots (17 mph/28 kmh)."
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Related EntitiesPacific Investment Management Company, LLC (PIMCO), Standard & Poor's, Crude Oil, Notable ETF Movers
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