Telecom, biotech and retail ETFs outperformed early Thursday as the stock market kicked off June with narrow gains.
Small caps led the upside as iShares Russell 2000 Growth (IWO) and iShares Russell 2000 (IWM) rallied 0.6% apiece. SPDR S&P 500 (SPY) and SPDR Dow Jones Industrial Average (DIA) were up 0.2% and 0.1%, respectively.
SPDR S&P Telecom (XTL) gapped up and rose 1.8% as it continues building a flat base with a 74.38 buy point. Component stocks Palo Alto Networks (PANW) and Ciena (CIEN) provided a big boost.
X Palo Alto soared 15% after reporting better-than-expected quarterly results late Wednesday. Ciena surged 15% after its earnings and revenue beat.
Biotechs also outperformed. IShares Nasdaq Biotechnology (IBB) gained 0.9% after rebounding off its 200-day moving average. The ETF is working on a flat base with a 303.84 entry.
SPDR S&P Retail (XRT) advanced 0.9% after finding recent support near the 40 level. At 17% off its 52-week high and below its 50-day and 200-day lines, there is no potential buy point yet.
Banks, gold and chips were mixed. SPDR S&P Bank (KBE) was off until inching up 0.1%. VanEck Vectors Semiconductor (SMH) and Technology Select Sector SPDR (XLK) gave up 0.3% and 0.2%, respectively. VanEck Vectors Junior Gold Miners (GDXJ) was up 0.1% after an early decline, and SPDR Gold Trust (GLD) slipped 0.3% as gold prices dipped 0.7% to $1,266.10 an ounce.
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