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Gainers:
iShares Dow Jones Transportation Average ETF (NYSE: IYT) gained 1.3 percent to 103.9. Strength was seen in logistics companies UPS (NYSE: UPS) and FedEx (NYSE: FDX). Volume was noticeable strong in UPS in particular after it was upgraded to Buy from Neutral by analysts at BofA ML. In other transportation news, shares of Union Pacific Corporation (NYSE: UNP) were weak following its Q4 earnings report. While EPS topped estimates, revenue was light.
Decliners:
SPDR Gold Shares (NYSE: GLD) declined 1 percent to 161.6. After being rejected at $1700 per ounce Wednesday, the price of spot gold slid to $1670 per ounce. Gold investors are paying close attention to debt ceiling discussion in Washington, with reports claiming progress after the GOP-controlled house voted to pass a three month extension.
Technology Select Sector SPDR (NYSE: XLK) declined 1.6 percent to 29.3. The decline relates to disappointing Q1 results from tech giant Apple (Nasdaq: AAPL). The major concerns relates to questions about growth in profits, margin, and innovation. The report showed that for the first time in recent memory, Apple failed to grow profits. Investors await earnings from Microsoft (Nasdaq: MSFT) later this afternoon.
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