Major indexes and the ETFs tracking them dropped at the opening bell, as investors tuned into Monday's presidential debate news. Other keenly awaited events later this week include a speech from Fed Chair Janet Yellen and the outcome of a meeting of the world's oil cartel.
Gold prices were modestly higher amid the uncertain mood, pushing gold mining stocks solidly higher. Miners tend to be a leveraged play on the underlying metal.
SPDR Gold Shares (GLD) added 0.2% to hold above the 50-day moving average.
This commodity ETF tracks the price of gold, a safe-haven asset. Gold was aided by "key outside markets" -- a weaker dollar and higher crude prices, according to Jim Wyckoff, a senior technical analyst at Kitco News.
Wyckoff added: "There is also interest in the marketplace regarding Monday evening's U.S. presidential debate between Hillary Clinton and Donald Trump. There is a sense outside the U.S. that Trump is an unknown and potentially unpredictable, which could bring anxiety to some markets if it appears Trump has a good chance to become the next U.S. president. Many reckon that markets will now start to pay closer attention to the U.S. presidential race heading up to the early-November election."
VanEck Vectors Gold Miners (GDX) jumped as much as 1.3% before pulling back. The ETF sits under its 50-day line and 14% below its August high of 31.79.
Real estate eked out an advance among S&P 500 sectors before it too turned negative in morning trade. Financials trailed, with Financial Select Sector SPDR (XLF) giving up more than 1.0%.
The S&P 500 last week had its best week in more than two months, advancing 1.2%.
IBD'S TAKE: Oil majors are on the rebound, but the more nimble U.S. exploration and production companies are outperforming them. Diamondback Energy is among top energy stocks with Permian Basin assets.
Energy Select Sector SPDR (XLE) inched up in choppy trade early on the stock market today.
United States Oil (USO), a commodity ETF investing in near-month WTI futures, rallied 2.6%. U.S. crude futures added 90 cents to $45.38 a barrel as major oil producers kicked off a meeting in Algeria to address market concerns.
On the sidelines of that event, OPEC members are angling for a possible deal to freeze production and tackle the global supply glut.
USO sits 35% off its October high.
12 Bellwether ETFs
Here's how major exchange traded funds across major asset classes are performing today, with IBD Relative Strength Ratings.
The RS Rating is a measure of a stock's price performance over the last 12 months, compared with all stocks and ETFs, on a scale of 1 to a best-possible 99.
Following daily ETF market action can be key to successful investing:
SPDR S&P 500 (SPY), -0.5%, RS 52
PowerShares QQQ (QQQ), -0.6%, RS 65
SPDR Dow Jones Industrial Average (DIA), -0.7%, RS 48
IShares Core S&P Mid-Cap (IJH), -0.8%, RS 59
IShares Russell 2000 (IWM), -0.7%, RS 68
IShares MSCI EAFE (EFA), -0.9%, RS 48
Vanguard FTSE Emerging Markets (VWO), -0.8%, RS 70
SPDR Gold Shares (GLD), +0.2%, RS 63
United States Oil (USO), +2.6%, RS 11
IShares Core U.S. Aggregate Bond (AGG), +0.1%, RS 33
PowerShares DB U.S.$ Bullish (UUP), -0.2%, RS 24
IPath S&P 500 VIX Short-Term Futures (VXX), +4.3%, RS 1
