Tech ETFs are suffering the brunt of the decline after Cisco missed revenue estimates and gave a cautious outlook. The Internet Architecture HOLDRS (IAH), which has a 12% exposure to Cisco, is shedding 2%. The iShares S&P North America Tech-Multimedia Networking ETF (IGN), which has a 9% holding in Cisco, is down 3.3%.
Solar ETFs were prominent gainers amid selling on Thursday morning. On Tuesday LDK Power (LDK) and SunPower (SPWRA) announced strong results and raised their guidance spurring further buying interest in the sector. Claymore/MAC Global Solar Energy (TAN) and Market Vectors Solar ETF (KWT) are rising by 2.3% and 1.7% respectively.Gold ETFs are also up as gold prices inch higher to $1214.70 an ounce. The SPDR Gold Trust (GLD) is gaining 1% in afternoon trading. ETFs tracking gold miners are doing better, with the Market Vectors Junior Gold Miners ETF (GDXJ) rising 3.3% and the Market Vectors Gold Miners ETF (GDX) rising 2.5%. -- Reported by Shanthi Venkataraman in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.