NEW YORK (

TheStreet

) -- Weak manufacturing data sent shares of conglomerates such as

Caterpillar

(CAT) - Get Report

and

Honeywell

(HON) - Get Report

lower on Thursday, dragging industrial and materials ETFs down along with them.

The

Industrial Select Sector SPDR

(XLI) - Get Report

lost a little more than 1% in Thursday morning trading.

GE

(GE) - Get Report

, its top holding, declined 1% to $15.04 while

3M

(MMM) - Get Report

and Honeywell also weighed on performance. The

Vanguard Industrials ETF

(VIS) - Get Report

was also down 1.4%.

The

SPDR Metals & Mining ETF

(XME) - Get Report

sank 2%, led by steep declines in

Alcoa

(AA) - Get Report

and

U.S. Steel

(X) - Get Report

. Steel stocks have been declining on price weakness.

The

iShares Dow Jones Basic Materials Index

was also down, with its top holdings including

Dow Chemical

(DOW) - Get Report

and

Freeport-McMoRan Copper & Gold

(FCX) - Get Report

also sliding sharply.

JPMorgan Chase's

(JPM) - Get Report

strong performance failed to trigger a rally in banking stocks. Financial ETFs were all trading in negative territory on Thursday morning.

-- Reported by Shanthi Venkataraman in New York.

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