CFRA head of ETF and mutual fund research Todd Rosenbluth shares his ETF picks.
U.S. futures are trading lower following Tuesday’s mixed session as investors look ahead to the latest employment data at the end of the week.
The major futures indexes suggest a slide of 0.1% when the opening bell rings on Wall Street.
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Besides jobs, investors are also keeping an eye on comments by Federal Reserve officials on inflation, a concern overhanging markets as economies regain momentum with the rollout of coronavirus vaccines, especially in the United States.
Asian shares were mixed on Wednesday after a weakening in growth in Chinese manufacturing, based on surveys of factory managers, undermined buying sentiment.
Japan’s benchmark Nikkei 225 added 0.5%, Hong Kong’s Hang Seng lost 0.8% and China’s Shanghai Composite dropped 0.8%.
U.S. markets were closed Monday for Memorial Day and trading was wobbly on Tuesday, with a mixed finish for major stock indexes, as losses in technology and health care companies offset gains elsewhere in the market.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34575.31 | +45.86 | +0.13% |
| SP500 | S&P 500 | 4202.04 | -2.07 | -0.05% |
| I:COMP | NASDAQ COMPOSITE INDEX | 13736.477561 | -12.26 | -0.09% |
The S&P 500 gave up an early gain, slipping less than 0.1% to 4,202.04. That broke a three-day winning streak. The tech-heavy Nasdaq inched 0.1% lower to 13,736.48, while the Dow Jones Industrial Average eked out a 0.1% gain, closing at 34,575.31.
Banks were among the biggest gainers as bond yields ticked higher, which allows them to charge more lucrative interest rates on loans.
The yield on the 10-year Treasury rose to 1.61%
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Energy stocks were the biggest gainers in the S&P 500. Crude oil prices jumped more than 2%, helping to send producers higher. Exxon Mobil rose 3.6%.
The upcoming Labor Department report is expected to show a strong increase in hiring in May.
The Institute for Supply Management reported that manufacturing picked up again in May. The ISM’s manufacturing index came in at 61.2 last month, much better than the 60.6 expected by economists surveyed by FactSet.
AMC Entertainment jumped 22.7% after the movie theater operator announced a stock sale. AMC, whose stock is up more than 1,000% this year, is one of a handful of companies that gained the attention of a group of online retail investors earlier this year, along with companies like GameStop.
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In energy trading, benchmark U.S. crude gained 22 cents to $67.94 a barrel in electronic trading on the New York Mercantile Exchange. It jumped $1.40 to $67.72 on Tuesday. Brent crude, the international standard, gained 36 cents to $70.61 a barrel.
The Associated Press contributed to this report.
