Notable ETF Movers of the Day 08/23: (GDXJ) Higher; (XME) (XRT) Lower
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Gainers:
Market Vectors Junior Gold Miners ETF (NYSE: GDXJ) is higher by 0.90. Junior miners rallied along with the spot price of gold, which broke resistance at $1630 per ounce and traded as high as $1675 per ounce. The rally was in response to yesterday’s release of the minutes from the FOMC meeting on August 1st. Traders reading the tea leaves think easing by the Fed is just around the corner, and this is bullish for gold and other precious metals. Gold now trades at $1668 per ounce.
Decliners:
SPDR S&P Metals & Mining ETF (NYSE: XME) is lower by 2.10 percent to 42.25. Shares of Alcoa, Inc. (NYSE: AA) and other materials names traded lower after China Flash PMI showed a further contraction in manufacturing in the country. In early trading, a few names in the space moved higher on hopes of China stimulus, but by mid-day most were lower.
SPDR S&P Retail (NYSE: XRT) is lower by 1.44 percent to 60.39. The selloff in retail came in response to an earnings report yesterday by Guess (NYSE: GES). In the report, the company issued very pessimistic guidance for the 3rd quarter. Shares of Guess are trading lower by 22 percent.
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Market Vectors Junior Gold Miners ETF (NYSE: GDXJ) is higher by 0.90. Junior miners rallied along with the spot price of gold, which broke resistance at $1630 per ounce and traded as high as $1675 per ounce. The rally was in response to yesterday’s release of the minutes from the FOMC meeting on August 1st. Traders reading the tea leaves think easing by the Fed is just around the corner, and this is bullish for gold and other precious metals. Gold now trades at $1668 per ounce.
Decliners:
SPDR S&P Metals & Mining ETF (NYSE: XME) is lower by 2.10 percent to 42.25. Shares of Alcoa, Inc. (NYSE: AA) and other materials names traded lower after China Flash PMI showed a further contraction in manufacturing in the country. In early trading, a few names in the space moved higher on hopes of China stimulus, but by mid-day most were lower.
SPDR S&P Retail (NYSE: XRT) is lower by 1.44 percent to 60.39. The selloff in retail came in response to an earnings report yesterday by Guess (NYSE: GES). In the report, the company issued very pessimistic guidance for the 3rd quarter. Shares of Guess are trading lower by 22 percent.
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