Equity markets started off the week on a shaky note as investors digested a plateful of mixed earnings and economic data. Major indexes were able to regain most of the lost ground from the morning sell-off by the time the trading session drew to a close. On Wall Street, the Dow Jones Industrial Average came out on top, gaining 0.56% on the day, while profit taking in shares of Apple (AAPL) dragged the Nasdaq into red territory, ending 0.76% lower on the day.
The financials sector was bolstered by better-than-expected results from banking giant Citigroup (C). The firm reported a net income of $2.93 billion, or 95 cents a share. Despite optimism on the earnings front, investors fretted over worse-than-expected economic data releases. Retail sales in March grew by 0.8%, falling short of the previous reading of 1.0%, while data from the housing market also missed expectations. The homebuilders index for April came in at 25, versus the previous reading of 28.
The Vanguard REIT ETF (VNQ) was one of the best performing funds, gaining 1.37% on the day. This ETF marched higher right from the opening bell on Monday morning, hitting a high of $63.49 a share in the final hours of trading. It’s a bit surprising to see VNQ clinch a gain for the day seeing as how the latest housing market data missed analyst expectations. From a year-to-date performance perspective, this ETF has gained nearly 9%.
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The Van Eck Market Vectors Gold Miners (GDX) was one of the weakest performers, shedding 1.81% on the day. GDX tumbled lower right from the opening bell as profit taking pressures dragged it all the way down to $46.39 a share by noon. Surprisingly, gold futures prices crept higher throughout the day, settling just above $1,650 an ounce.
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Disclosure: No positions at time of writing.
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