Stock exchange traded funds were set to end the week on a down note as investors expressed concern about the economic outlook and scaled-back profit forecasts at Nvidia (NasdaqGS: NVDA) and Nordstrom (NYSE: JWN).
Retail ETFs held steady Friday despite worries over Nordstrom, which reported improved first-quarter profit but scaled back its full-year forecast. Retail ETFs were flat while Nordstrom shares fell into the red. The stock represents about 5% of PowerShares Dynamic Retail (NYSEArca: PMR). The ETF has rallied about 15% this year. [Retail ETF in Focus on Nordstrom Outlook]
Nvidia weighed on semiconductor ETFs Friday as the stock lost about 9% after the company reported quarterly earnings and offered a disappointing outlook. Nvidia announced first-quarter earnings that beat expectations. “However, guidance for the second quarter was a bit light versus our expectations,” BMO Capital Markets said in a note. [Nividia Pulls Down Semiconductor ETF]
Silver ETFs were up 2% Friday but the ETFs remain well below their 50-day moving averages after the big sell-off. Precious metals ETFs were getting a boost from a weaker dollar. The iShares Silver Trust (NYSEArca: SLV) rose 4% before the opening bell, while SPDR Gold Shares (NYSEArca: GLD) was up fractionally. [Silver ETFs Rise 4% Before the Bell]
Gregory A. Clay contributed to this article.
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