Exchange-traded funds tracking homebuilders and REITs were all falling hard for a second straight session Monday, as investors continued to fret about the health of credit markets.
American Home Mortgage
(AHM) slid 36% before the stock was halted following word the company has filed for bankruptcy protection. On Friday, American Home Mortgage said it would slash roughly 90% of its work force.
Among REIT-related ETFs, the
iShares FTSE NAREIT Mortgage REITs
(REM) was dropping $2.04, or 6.4%, to $30.07. The
Ultra Real Estate ProShares
(URE) gave back $1.53, or 3.8%, to $38.88. The
SPDR Dow Jones Wilshire International Real Estate
(RWX) ETF was tumbling 84 cents, or 1.4%, to $59.05.
Homebuilders were feeling the crunch as well.
(SPF) was diving by 19%, while
(MTH) were losing 3.5% or more.
iShares Dow Jones U.S. Home Construction
was shedding 85 cents, or 3.4%, to $24.30. The
SPDR S&P Homebuilders
was lower by 77 cents, or 3%, to $24.73.
Energy-related ETFs were also getting crushed as the September front-month crude contract slid $2.18 to $73.30 a barrel. The
Ultra Oil & Gas ProShares
was giving back $2.56, or 2.9%, to $85.76. The
SPDR S&P Oil & Gas Equipment & Services
slid $1.19, or 3.4%, to $34.20. The
PowerShares Dynamic Energy
was lower by $1.09, or 3.4%, to $30.69.
On the flip side, bundled securities tracking the health care sector were among few winners to start the week. Before the opening bell,
raised its guidance for 2007 following a favorable Medicare adjustment. The stock was recently up 2%.
Ultra Health Care ProShares
was higher by $1.06, or 1.6%, to $67.18. The
iShares Dow Jones U.S. Healthcare Provider
was up 81 cents, or 1.5%, to $56.56. The
Health Care Select Sector SPDR
tacked on 46 cents, or 1.4%, to $34.14.