Another Sideways Market
Most U.S.-focused
tradable funds headed lower or traded sideways Thursday in
another session that added up to a directionless market. The
exception came from the defensive and consumer funds. It was
the mirror image of Wednesday, which saw techs gain and
defensives on the ice.
The Pharmaceutical
HOLDR
(
PPH |
Quote |
Chart |
News |
PowerRating) gained 2.7% into new high ground, the day’s
best showing among the U.S.-focused exchange-traded funds.
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The basket of drug
stocks got a boost from Eli Lilly
(
LLY |
Quote |
Chart |
News |
PowerRating). The stock
leaped 14 109/256 to a new high of 101 5/8 after the company
reported positive results from a study of its new drug
treatment for sepsis, a lethal blood infection. Another
component, Bristol-Myers Squibb
(
BMY |
Quote |
Chart |
News |
PowerRating), advanced 3 37/64
to 57 7/8.
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The Consumer
Services Sector SPDR
(
XLV |
Quote |
Chart |
News |
PowerRating) rose 1.6%, the only other
U.S.-focused ETF to gain by at least one percentage point.
On the downside,
the Nasdaq 100 Tracking Stock
(
QQQ |
Quote |
Chart |
News |
PowerRating) lost 2.8%, the
largest loss among the tradable funds but within the Cubes’
trading range.
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The Semiconductor
HOLDR
(
SMH |
Quote |
Chart |
News |
PowerRating) dropped 2.3%, closing a whisker below recent
support.
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Among the
foreign-focused tradable funds, the Japan WEBS series
(
EWJ |
Quote |
Chart |
News |
PowerRating)
rallied 6.1% on the heels of Japanese stocks’ post-FOMC
rally on Wednesday. The France WEBS
(
EWQ |
Quote |
Chart |
News |
PowerRating) fell 3.0%.
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