Notable ETF Movers of the Day 09/07: (SPY) (GDX) (EEM) Higher; (SMH) Lower
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Broader markets are trading slightly higher on Friday despite a disappointing jobs report. The government reported jobs gains of 96k in August compared to estimates of 130k. As a result of the disappointing figures, SPDR S&P 500 (NYSE: SPY) is higher by only 0.30 percent. The ETF had the wind taken out of its sails after yesterday’s big rally. The good news is that the data may suggest that Fed easing is just around the corner, and this is helping investors get over their disappointment.
Gainers:
Market Vectors Gold Miners ETF (NYSE: GDX) is higher by 3.09 percent as mining stocks spike higher in line with a spike in the spot price of gold. Gold is highly sensitive to expectations of Fed easing, given inflation concerns which could result from the massive injection of liquidity. Barrick Gold Corporation (NYSE: ABX) and Goldcorp, Inc. (NYSE: GG) are two of the top holdings in GDX. Both are noticeably higher intraday on Friday.
iShares MSCI Emerging Markets ETF (NYSE: EEM) is higher by 2.21 percent. EEM has underperformed over the last 30 days, and is trading higher by only 0.77 percent for the month. EEM’s problems can be traced to difficulties in Asia, particularly China, a country faced with slowing growth. Today China announced it was moving forward with a number of infrastructure projects. This could help kick start growth, and investors are reacting positively as a result.
Decliner:
Market Vectors Semiconductor ETF (NYSE: SMH) is trading lower by 1.20 percent. The downturn is related to an announcement today by the world’s largest chipmaker, Intel (NYSE: INTC). Intel revised its Q3 revenue expectations down, citing reduced supply chain inventory, softness in the enterprise PC market segment, and slowing emerging market demand.
Gainers:
Market Vectors Gold Miners ETF (NYSE: GDX) is higher by 3.09 percent as mining stocks spike higher in line with a spike in the spot price of gold. Gold is highly sensitive to expectations of Fed easing, given inflation concerns which could result from the massive injection of liquidity. Barrick Gold Corporation (NYSE: ABX) and Goldcorp, Inc. (NYSE: GG) are two of the top holdings in GDX. Both are noticeably higher intraday on Friday.
iShares MSCI Emerging Markets ETF (NYSE: EEM) is higher by 2.21 percent. EEM has underperformed over the last 30 days, and is trading higher by only 0.77 percent for the month. EEM’s problems can be traced to difficulties in Asia, particularly China, a country faced with slowing growth. Today China announced it was moving forward with a number of infrastructure projects. This could help kick start growth, and investors are reacting positively as a result.
Decliner:
Market Vectors Semiconductor ETF (NYSE: SMH) is trading lower by 1.20 percent. The downturn is related to an announcement today by the world’s largest chipmaker, Intel (NYSE: INTC). Intel revised its Q3 revenue expectations down, citing reduced supply chain inventory, softness in the enterprise PC market segment, and slowing emerging market demand.
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