Notable ETF Movers of the Day 01/08: (GLD) Higher; (XME) (OIH) Lower
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Gainers:
SPDR Gold Shares ETF (NYSE: GLD) gained 0.5 percent to 160.2. After coming under pressure following the release of FOMC minutes last week, gold prices stabilized on Tuesday, trading slightly north of $1650 per ounce. In the absence of meaningful economic data, gold trader may focus on technicals, though comments by Fed officials could move markets later this week. In the meantime, gold may continue to consolidate as bears fish for reasons to retest recent downside support at $1625.
Decliners:
SPDR S&P Metals & Mining (NYSE: XME) declined 1.6 percent to 45.9. Weakness hit steel names including AK Steel Holding Corporation (NYSE: AKS) and United States Steel Corp. (NYSE: X). The decline could be related to a negative earnings report by small-cap stock Schnitzer Steel Industries (Nasdaq: SCHN). In any case, the focus may soon turn from steel to aluminum, as Alcoa (NYSE: AA) is set to officially kick off the earnings season this afternoon.
Market Vectors Oil Services ETF (NYSE: OIH) declined 1.3 percent to 40. Weakness hit oil services across the board, with notable declines in shares of National Oilwell Varco, Inc. (NYSE: NOV) and Cameron International Corporation (NYSE: CAM). RBC Capital downgraded National-Oilwell Varco from Outperform to Sector Perform with a price target of $80.00 (from $88.00). CAM was also downgraded today by analysts at JPMorgan.
SPDR Gold Shares ETF (NYSE: GLD) gained 0.5 percent to 160.2. After coming under pressure following the release of FOMC minutes last week, gold prices stabilized on Tuesday, trading slightly north of $1650 per ounce. In the absence of meaningful economic data, gold trader may focus on technicals, though comments by Fed officials could move markets later this week. In the meantime, gold may continue to consolidate as bears fish for reasons to retest recent downside support at $1625.
Decliners:
SPDR S&P Metals & Mining (NYSE: XME) declined 1.6 percent to 45.9. Weakness hit steel names including AK Steel Holding Corporation (NYSE: AKS) and United States Steel Corp. (NYSE: X). The decline could be related to a negative earnings report by small-cap stock Schnitzer Steel Industries (Nasdaq: SCHN). In any case, the focus may soon turn from steel to aluminum, as Alcoa (NYSE: AA) is set to officially kick off the earnings season this afternoon.
Market Vectors Oil Services ETF (NYSE: OIH) declined 1.3 percent to 40. Weakness hit oil services across the board, with notable declines in shares of National Oilwell Varco, Inc. (NYSE: NOV) and Cameron International Corporation (NYSE: CAM). RBC Capital downgraded National-Oilwell Varco from Outperform to Sector Perform with a price target of $80.00 (from $88.00). CAM was also downgraded today by analysts at JPMorgan.
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