Notable ETF Movers of the Day 05/07: VXX, UNG, XLU Up; USO, XLF Down (SO, GS)
- Wall Street ends higher, notches weekly gains as Fed meeting looms
- Intel pares losses but sheds $9 billion in value on dire outlook, dividend concerns
- Analysts rush to cut Intel (INTC) price targets following weaker than expected Q1 guidance
- Lucid Group (LCID) doubles on Saudi rumors
- iPath S&P 500 VIX Short-Term Futures ETN (NYSE: VXX) up 10.78% to $28.94. Shares of the CBOE VIX ETF are trading higher today as the CBOE VIX is nearing near-term all-time highs of $42.15, a 28.5% increase from yesterday's close of $32.80. Volatility may be higher today as investors are recovering from a sudden downward spile yesterday about an hour-and-a-half before the close of trading, as the Dow fell about 1000 points, the largest drop in the history of the index.
- United States Natural Gas (NYSE: UNG) up 0.70% to $6.86. Increasing today on a stronger nonfarm payroll report, showing an increase of 290K, compared to the estimate of 230K and 187K reported for March 2010.
- Utilities Select Sector SPDR (NYSE: XLU) up 0.58% to $29.42. Shares of the ETF are trading higher on a mixed day in the utility sector. Shares may be bolstered by Southern Company (NYSE: SO) which asked the U.S. Dept. of the Interior for ocean leases to erect research towers to determine the feasibility of constructing wind turbines offshore. Shares of SO are trading 1.79% higher to $34.08.
- United States Oil (NYSE: USO) down 1.89% to $36.26. Normally an ETF that reacts rather well to positive economic data, shares of the oil tracker are down today as investors are still a little uneasy about putting their money back to work in the markets. An increase in jobs usually results in an increased demand in oil as the level of commuters and consumption will increase. Shares of June 10 contracts are down 1.46 to $75.65 today.
- Financial Select Sector SPDR (NYSE: XLF) down0.20% to $15.23. Shares of the ETF are trading lower, as Goldman Sachs (NYSE: GS) sis up 1.81% to $144.90 today. GS is holding their annual shareholders meeting today, and CEO Lloyd Blankfein is making some remarks that is putting confidence back into the shareholders.
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