Wednesday's ETF Winners & Losers

Exchange-traded funds tracking the Internet sector were surging Wednesday on the back of Amazon.com's (AMZN Quote) blowout quarter.

Following Thursday's close, Amazon easily beat analysts' expectations for the second quarter. After several firms upgraded its stock early Wednesday, Amazon was soaring by 24%.

The Internet HOLDRs (HHH Quote) was adding $3.31, or 5.6%, to $62.22. The First Trust Dow Jones Internet Index (FDN Quote) was recently up 61 cents, or 2.4%, to $25.99. The Internet Infrastructure HOLDRs (IIH Quote) tacked on 7 cents, or 1.3%, to $5.57.

Insurance-related ETFs were also trading higher after both The Chubb Corporation (CB Quote) and Aflac (AFL Quote) posted better-than-expected second-quarter earnings. Both Chubb and Aflac shares were jumping by more than 6%.

The KBW Insurance (KIE Quote) ETF was rising 81 cents, or 1.4%, to $57.12. The iShares Dow Jones U.S. Insurance (IAK Quote) ETF was adding 68 cents, or 1.3%, to $53.88. The PowerShares Dynamic Insurance (PIC Quote) ETF was gaining 16 cents, or 0.9%, to $18.03.

Elsewhere, biotech ETFs were celebrating a 16% jump in shares of Alexion Pharmaceuticals (ALXN Quote), which narrowed its second-quarter loss compared to a year ago and came in ahead of Wall Street's expectations.

The First Trust Amex Biotechnology Index (FBT Quote) was climbing 40 cents, or 1.7%, to $24.47. The SPDR S&P Biotech (XBI Quote) was higher by 54 cents, or 1.1%, to $52.04.

The iShares Dow Jones U.S. Aerospace & Defense (ITA Quote) ETF was also gaining ground after holding General Dynamics (GD Quote) beat estimates with its quarterly earnings report. General Dynamics was recently up almost 3%, and the ETF was adding 64 cents, or 1%, to $65.97.

Basic materials-related bundled securities were among the biggest losers of the session. Among individual stocks, U.S. Steel (X Quote), Nucor (NUE Quote), DuPont (DD Quote), Consol Energy (CNX Quote) and Arch Coal (ACI Quote) slumped 2% or more.

The Ultra Basic Materials ProShares (UYM Quote) ETF dropped $2.78, or 3%, to $91.48. The Materials Select Sector SPDR (XLB Quote) was losing 94 cents, or 2.2%, to $40.96. The iShares Dow Jones U.S. Basic Materials (IYM Quote) ETF was down $1.47, or 2%, to $71.02. The Vanguard Materials (VAW Quote) ETF was shedding $1.62, or 1.9%, to $85.41.