Tech ETFs Fall on Adobe Miss
NEW YORK (
) -- Technology ETFs took a knock on Thursday, a day after
Adobe Systems
(ADBE) - Get Adobe Inc. Report
issued a forecast that was below analyst expectations.
Software HOLDRS
(SWH)
, which has a nearly 10% exposure to Adobe was falling 2.3% to $41.71.
iShares S&P North American Tech-Software
(IGV) - Get iShares Expanded Tech-Software Sector ETF Report
, with a 6.5% stake, was shedding 1.7% to $44.56.
Semiconductor ETFs were also falling steeply in overall tech weakness.
SPDR S&P Semiconductors ETF
(XSD) - Get SPDR S&P Semiconductor ETF Report
was sliding 2.2% to $42.87.
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Gold and treasury ETFs were in favor on Thursday as traders poured money into safe havens amid a weaker dollar.
Market Vectors Gold Miners ETF
(GDX) - Get VanEck Vectors Gold Miners ETF Report
was rising 0.7% to $56.05. Other precious metals were also rising, with the
ETFS Physical Palladium Shares
(PALL) - Get Aberdeen Standard Physical Palladium Shares ETF Report
also rising 1.3%.
Base metals were also stronger, with the
Global X Copper Miners
(COPX) - Get Global X Copper Miners ETF Report
rising 1.5% and the Emerging Global's
Emerging Market Metals and Mining Titans
( EMT) rising 1.3%.
More signs of defensive buying were evident in the performance of utility ETFs. The iShares Dow Jones Utility ETF was up 0.6%.
-- Written by Shanthi Venkataraman in New York
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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.
