Exchange-traded funds tracking homebuilders, financials and REITs were all falling hard Friday, as investors fretted about the health of credit markets.
American Home Mortgage
slid nearly 50% after it said it is slashing roughly 90% of its workforce, and published reports now say the company will shut down after failing to find a buyer for its operations.
Among REIT-related ETFs, the
iShares FTSE NAREIT Mortgage REITs
was dropping $1.63, or 4.8%, to $32.59. The
Ultra Real Estate ProShares
ETF gave back $1.37, or 3.2%, to $41.50. The
Vanguard REIT Index
ETF was tumbling $1.46, or 2.2%, to $65.58.
In the financial sector,
was getting crushed after Standard & Poor's cut its rating outlook for the broker to negative, from stable. Earlier this week, the company said it is facing losses in a third mortgage-related fund. The stock was recently down 2.2%.
Other lenders and finance names were losing ground.
slid 2% or more.
Rydex S&P Equal Weight Financials
was dropping $1.40, or 3%, to $45.76. The
First Trust Financials AlphaDex
ETF was down 39 cents, or 2.2%, to $17.71. The
PowerShares Dynamic Financials
was giving back 42 cents, or 1.7%, to $24.32.
Homebuilders were feeling the crunch as well.
were losing 4% or more.
iShares Dow Jones U.S. Home Construction
was shedding $1.13, or 4.2%, to $25.70. The
SPDR S&P Homebuilders
was lower by $1.10, or 4.1%, to $25.93.
ETFs tracking precious metals were among few winners of a losing session, as gold and silver prices were on the rise. Recently, gold futures were adding $1.10 to $668.80 an ounce, and silver was higher by 12 cents to $13.11 an ounce.
PowerShares DB Silver
was adding 26 cents, or 1%, to $25.71. The
PowerShares DB Gold
gained 29 cents, or 1.1%, to $26.49. The
iShares Comex Gold Trust
was climbing by 51 cents, or 0.8%, to $66.43. The
iShares Silver Trust
was up $1.03, or 0.8%, to $130.06.