Healthcare stocks are trading lower after market leader Medtronic reported a decline in sales in the fiscal first-quarter and lowered its outlook for revenue and earnings for the year through next April
NEW YORK ( TheStreet) -- Weak existing-home sales data and worse-than-expected results from Barnes & Noble ( BKS) and Medtronic ( MDT) contributed to broad market weakness that is weighing on healthcare ETFs. Healthcare stocks are trading lower after market leader Medtronic reported a decline in sales in the fiscal first-quarter and lowered its outlook for revenue and earnings for the year through next April. The iShares Dow Jones US Medical Devices ( IHI), which has a 13.3% stake in Medtronic, is down 3.3%. Other top holdings in the fund including Thermo Fisher Scientific ( TMO) and Stryker ( SYK) were also weaker. The PowerShares S&P SmallCap Health Care ETF ( XLVS) and Health Care Select Sector SPDR ( XLV) were declining by 0.9% and 1.8% respectively. The 27% plunge in existing home sales data led to a selloff in the SPDR KBW Mortgage Finance ETF ( KME) shedding 3.8%. The Homebuilder ETFs remarkably remained in the positive territory with the SPDR Homebuilders ETF ( XHB) rising 0.4% and the Dow Jones Home Construction ( ITB) rising 1.2%. Prominent among the gainers is the CurrencyShares Japanese Yen Trust ( FXY), which is gaining 1.2% as the Yen touched a 15-year high against the dollar. The iShares Silver Trust ( SLV) is another notable gainer in Tuesday trading, up 2.4%. --Written by Shanthi Venkataraman in New York. >To contact the writer of this article, click here: Shanthi Venkataraman. >To follow the writer on Twitter, go to Shanthi Venkataraman. >To submit a news tip, send an email to: email@example.com.