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Money moved into energy, cyclical, and defensive stocks Thursday, lifting the exchange-traded funds focused on those sectors, while tech stocks and tradable tech funds took another bath.
The Energy SPDR (XLP | Quote | Chart | News | PowerRating) rebounded 3.5%, the day's largest gain among the ETFs. The tradable fund, which tracks energy stocks within the S&P 500, and its sector have been under pressure as crude prices have fallen in expectation that OPEC is going along with Saudi production increases.
After Wednesday's close, oil services giant Halliburton (HAL | Quote | Chart | News | PowerRating) reported Q2 earnings fell 9.6% but slightly topped Wall Street expectations. The stock rose 1 13/16 to 45 3/8. BJ Services (BJS | Quote | Chart | News | PowerRating) matched estimates Wednesday. On Thursday, shares gained 1 3/4 to 58 3/8.
The defensive Pharmaceutical HOLDR (PPH | Quote | Chart | News | PowerRating) climbed 2.1%.
The carnage deepened among the tradable techs. The Internet Infrastructure HOLDR (IIH | Quote | Chart | News | PowerRating) plunged 8.3%, undercutting its 50-day moving average. That was the day's sharpest loss among the exchange-traded funds. The Semiconductor HOLDR (SMH | Quote | Chart | News | PowerRating) lost 6.9%, the Broadband (BDH | Quote | Chart | News | PowerRating) HOLDR 5.8%, the B2B Internet HOLDR (BHH | Quote | Chart | News | PowerRating) 5.7%. The Nasdaq 100 Tracking Stock (QQQ | Quote | Chart | News | PowerRating) sank 3.9%.
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