Thursday's ETF Winners & Losers
Exchange-traded funds tracking real estate slumped along with the larger market Thursday, as rising mortgage rates and more pessimism from homebuilders weighed on the sector.
Rates on 30-year mortgages rose a fourth straight week to the highest level in 10 months. Moreover, homebuilder
Meritage Homes
(MTH) - Get Meritage Homes Corporation Report
on late Wednesday became the most recent company to cut full-year guidance amidst the continuing housing doldrums.
Ultra Real Estate ProShares
(URE) - Get ProShares Ultra Real Estate Report
was sinking $2.75, or 4.6%, to $56.85. The
iShares Cohen & Steers Realty Majors
(ICF) - Get iShares Cohen & Steers REIT ETF Report
was falling $2.48, or 2.5%, to $97.67.
SPDR Homebuilders
(XHB) - Get SPDR S&P Homebuilders ETF Report
was off 78 cents, or 2.3%, to $33.37.
Utility-related funds also continued to suffer due to rising bond yields. Utility stocks, normally attractive to investors for their steady dividends, become less so as bonds gain favor -- as they are doing now, with yields of more than 5% for the first time since August.
Both
TheStreet Recommends
Exelon
(EXC) - Get Exelon Corporation Report
and
PG&E
(PCG) - Get PG&E Corporation Report
were off more than 2%.
The
Ultra Utilities ProShares
(UPW) - Get ProShares Ultra Utilities Report
was losing $3.43, or 4.1%, to $80.33.
Utilities HOLDRs
(UTH)
was sinking $3.74, or 2.6%, to $40.10. The
iShares Dow Jones US Utilities
(IDU) - Get iShares U.S. Utilities ETF Report
was losing $2.35, or 2.4%, to $96.31.
Bundled securities tracking health care stocks also were tanking.
HealthShares Infectious Diseases
(HHG)
was losing 81 cents, or 3%, to $25.86.
HealthShares Cancer
(HHK)
was losing 62 cents, or 2.2%, to $28.09.
Oil-related funds were among the session's top performers. The front-month crude contract was trading up 94 cents to $66.90 on concerns U.S. refineries cannot keep up with demand for gasoline.
PowerShares DB Oil
(DBO) - Get Invesco DB Oil Fund Report
were trading up 43 cents, or 1.6%, to $27. The
iPath Goldman Sachs Crude Oil Index
(OIL) - Get iPath Pure Beta Crude Oil ETN Report
ETF was advancing 64 cents, or 1.7%, to $37.42.
United States Oil
(USO) - Get United States Oil Fund LP Report
was increasing 60 cents, or 1.2%, to $50.90.
PowerShares DB Energy
(DBE) - Get Invesco DB Energy Fund Report
edged up 19 cents, or 0.7%, to $28.72.
The PowerShares DB Agriculture
(DBA) - Get Invesco DB Agriculture Fund Report
was another of the few winners in Thursday's market, as grain and soybean futures advanced. The ETF was trading up 27 cents, or 1%, to $26.43.
