NEW YORK (

TheStreet

) -- ETFs tracking financials are shedding recent gains on Wednesday, a day before

JPMorgan Chase

(JPM) - Get Report

opens the banking earnings season with its results.

Markets have been fluctuating as investors digest

Intel

's blowout earnings on Tuesday and weaker-than-expected retail sales data that came out today. Shares of JP Morgan are down 0.6%, while

Wells Fargo

(WFC) - Get Report

and

Goldman Sachs

(GS) - Get Report

are down 1.3% and 1% respectively.

The Financial Sector SPDR ETF

(XLF) - Get Report

is down about 1%. Earlier this morning, the Mortgage Bankers Association said mortgage loan-application volume dropped 2.9% last week.

The biggest losers within the category are regional banking ETFs.

KBW Regional Banking ETF

(KRE) - Get Report

is down 1.9%. Its holdings include

Bank of Hawaii

(BOH) - Get Report

, down 0.7%, and

CVB Financial

(CVBF) - Get Report

, down 3.2%.

Retail and consumer discretionary ETFs were lower following weak retail sales data. The

Consumer Discretionary Sector SPDR

(XLY) - Get Report

shed 0.8% while the

SPDR S&P Retail ETF

(XRT) - Get Report

is down 0.9%.

Intel

(INTC) - Get Report

continues to lead tech stocks and ETFs higher.

PowerShares Dynamic Technology

(PTF) - Get Report

is a prominent gainer, led by the rally in

Cisco

(CSCO) - Get Report

and

VMWare

(VMW) - Get Report

among others.

--Reported by Shanthi Venkataraman in New York.

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