Real estate-related exchange-traded funds were among the worst decliners Wednesday, as subprime woes continued to swell.
Standard & Poor's said it could cut its rating on $12 billion in securities backed by subprime residential loans, which raised concerns about the ongoing effects of the housing meltdown.
iShares FTSE NAREIT Retail
(RTL) ETF was losing $1.29, or 3%, to $42.21. The
iShares FTSE NAREIT Real Estate 50
(FTY) ETF was down 60 cents, or 1.3%, to $44.79. The
Ultra Real Estate ProShares
(URE) was off 54 cents, or 1.1%, to $49.91.
Bundled securities tracking semiconductors were also under pressure.
Maxim Integrated Products
(KLAC) were losing 1% or more.
Among ETFs, the
Ultra Semiconductor ProShares
was losing $1.13, or 1.3%, to $88.28. The
SPDR S&P Semiconductor
ETF was down 35 cents, or 0.6%, to $55.03. The
was off 24 cents, or 0.6%, to $38.88.
Also trading lower were commodity-related ETFs, as prices for crude oil, gold and silver were on the decline.
Market Vectors Gold Miners
was lower by 29 cents, or 0.7%, to $40.37. The
iShares Silver Trust
was down 20 cents, or 0.2%, to $128.50. The
Oil Services HOLDRs
was falling by $1.78, or 1%, to $177.90.
On the winning side, ETFs related to basic materials were the best performers. The
Ultra Basic Materials ProShares
ETF was higher by $1.80, or 2%, to $94.20. The
iShares Dow Jones U.S. Basic Materials
ETF was adding 84 cents, or 1.2%, to $72.35.
B2B Internet HOLDRs
was also gaining ground, thanks to a 1.2% rise in holding
. The ETF was tacking on 3 cents, or 1.3%, to $2.36.