Materials, Industrial ETFs Pressured

NEW YORK ( TheStreet) -- Weak manufacturing data sent shares of conglomerates such as Caterpillar ( CAT) and Honeywell ( HON) lower on Thursday, dragging industrial and materials ETFs down along with them.

The Industrial Select Sector SPDR ( XLI) lost a little more than 1% in Thursday morning trading. GE ( GE), its top holding, declined 1% to $15.04 while 3M ( MMM) and Honeywell also weighed on performance. The Vanguard Industrials ETF ( VIS) was also down 1.4%.

The SPDR Metals & Mining ETF ( XME) sank 2%, led by steep declines in Alcoa ( AA) and U.S. Steel ( X). 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) and Freeport-McMoRan Copper & Gold ( FCX) also sliding sharply.

JPMorgan Chase's ( JPM) 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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