Better-than-expected third-quarter results from a few technology companies gave exchange traded funds (ETFs) a little life before the markets went into the weekend.
Software maker Oracle (NASDAQ: ORCL) and BlackBerry maker Research in Motion (NASDAQ: RIMM) beat expectations in their earnings reports. The news lifted hopes that tech companies would finally begin to boost revenues. iShares Goldman Sachs Software Index (NYSEArca: IGM) is up a little more than 1% this morning; Oracle is 4% and Research in Motion is 1.5%.
The U.S. dollar is continuing its gaining streak today, hitting a two-week high against the Japanese yen. Japan kept its interest rates unchanged, which led to pressure building on the currency overnight, reports Fabio Alves for The Wall Street Journal. The CurrencyShares Japanese Yen Trust (NYSEArca: FXY) is down nearly 1% this morning.
Oil prices rose close to $74 a barrel today as traders begin to expect OPEC to leave its production levels where they are at next week’s meeting, reports the Associated Press. Prices are also gaining thanks to cold weather on the East coast. United States Oil (NYSEArca: USO) is up nearly 2% this morning.
The Associated Press notes that today could be especially volatile as traders close out positions ahead of two shortened trading weeks and the new year.
Read the disclaimer, as Tom Lydon is a board member of Rydex Funds.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Mr. Lydon serves as an independent trustee of certain mutual funds and ETFs that are managed by Guggenheim Investments; however, any opinions or forecasts expressed herein are solely those of Mr. Lydon and not those of Guggenheim Funds, Guggenheim Investments, Guggenheim Specialized Products, LLC or any of their affiliates. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.