Exchanged-traded funds tracking the oil and energy sector were among the worst decliners of Tuesday's losing session, as oil futures dropped.
Recently, the front-month September crude contract shed $1.58 to $73.31 a barrel. The SPDR S&P Oil & Gas Exploration & Production (XOP) ETF was lower by $1.40, or 3%, to $45.63. The iShares Dow Jones U.S. Oil & Gas Exploration Index (IEO) was down $1.68, or 2.8%, to $57.67. The Ultra Oil & Gas ProShares (DIG) shed $3.42, or 3.1%, to $108.82. The United States Oil (USO) ETF was off $1.35, or 2.4%, to $55.03.
Financial-related bundled securities were also performing poorly following American Express' (AXP) latest earnings report. The financial services giant topped analysts' profit estimates, but it said it had to increase its loan-loss reserve because of a higher rate of delinquencies. The stock was off more than 3%.
The First Trust Financials AlphaDEX (FXO) ETF was lower by 55 cents, or 2.8%, to $18.90. The Ultra Financials ProShares (UYG) was off by $1.66, or 2.7%, to $60.64. The PowerShares Dynamic Financials (PFI) was down 33 cents, or 1.3%, to $25.82.ETFs tracking the semiconductor sector were also weaker, due to a weak sales outlook from Texas Instruments (TXN), which reported earnings following the previous close. The chip giant's shares were down more than 3%. The Ultra Semiconductor ProShares (USD) was sliding 66 cents, or 0.7%, to $91.24. The SPDR S&P Semiconductor (XSD) was losing 89 cents, or 1.6%, to $54.98. The PowerShares Dynamic Semiconductors (PSI) declined by 18 cents, or 0.9%, to $20.01. On the other hand, the B2B Internet HOLDRs (BHH) ETF was one of few winners, thanks to a 3% rise in holding Ariba (ARBA). The ETF was higher by a penny, or 0.6%, to $1.98. The Biotech HOLDRs (BBH) was also gaining ground, thanks to Biogen-Idec's (BIIB) second-quarter earnings report. The company also raised its 2007 forecast, and the stock was higher by 3.9%. The Biotech HOLDRs was adding $1.97, or 1.2%, to $170.04.