Durable goods orders fell by a much more than expected 4.5% in August, mostly on softer demand for transportation equipment and other costly items, reports Glenn Somerville for Reuters. Orders for durable goods, those items made to last three years or more, were expected to fall just 1.6%.
Impacted ETFs:
- Market Vectors Steel (SLX), down 29.5% year to date
- iShares Dow Jones US Aerospace & Defense (ITA), down 22.4% year to date
- Technology Select Sector SPDR (XLK), down 23.4% year to date
- iShares Dow Jones US Technology (IYW), down 21.9% year to date
Oil is stepping back slightly today as investors weigh the supply delays in the Gulf of Mexico against worries about the credit crisis and how it will impact global economy growth. About 66% of oil production and 61% of the natural gas output there remains shut in after the passage of hurricanes, reports Emily Flynn Vencat for the Associated Press.
Affected ETFs:
- iPath S&P GSCI Crude Oil Total Return Index ETN (OIL): up 11.3% year-to-date
- United States Oil Fund (USO): up 12% year-to-date
- PowerShares DB Oil (DBO): up 13.9% year-to-date
