Analyst/ETF Trader Paul Weisbruch of Street One Financial brings us his daily fund flows update, which today focuses on the impact Apple is having on the major index funds today, amid a dearth of any other interesting ETF activity.
Apple (NASDAQ:AAPL) stock is weighing on equities today, down more than 2% in early trading, and we see headlines in relation to cellular connectivity in China being dropped altogether for users of Apple Watch Series 3. There was also a report of iPhone 8 suppliers seeing their orders slashed in half this morning, which is also likely dragging Apple down further.
Elsewhere, single stock option trading is very quiet today, and the ETF option activity that we are seeing involves broad based products such as VIX and SPY. Nothing really jumps out at us right now, as portfolio managers are potentially just re-adjusting hedges in the midst of a possibly impactful October corporate earnings season.
The SPDR S&P 500 ETF Trust (AX:SPY) was trading at $255.07 per share on Thursday morning, down $0.65 (-0.25%). Year-to-date, SPY has gained 15.17%.
SPY currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 126 ETFs in the Large Cap Blend ETFs category.