NEW YORK ( TheStreet) -- ETFs tracking financials are shedding recent gains on Wednesday, a day before JPMorgan Chase ( JPM) 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) and Goldman Sachs ( GS) are down 1.3% and 1% respectively. The Financial Sector SPDR ETF ( XLF) 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) is down 1.9%. Its holdings include Bank of Hawaii ( BOH), down 0.7%, and CVB Financial ( CVBF), down 3.2%. Retail and consumer discretionary ETFs were lower following weak retail sales data. The Consumer Discretionary Sector SPDR ( XLY) shed 0.8% while the SPDR S&P Retail ETF ( XRT) is down 0.9%. Intel ( INTC) continues to lead tech stocks and ETFs higher. PowerShares Dynamic Technology ( PTF) is a prominent gainer, led by the rally in Cisco ( CSCO) and VMWare ( VMW) among others. --Reported by Shanthi Venkataraman in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.
Steve Ricchiuto, MZUHO Securities chief economist, and Bob Michele asset management global CIO with JP Morgan (JPM), joined BloomberTV's 'Bloomberg GO' to discuss the economy and the Fed raising rates.