Major index ETFs were lower Thursday as the market sold off. But banks and oil bucked the decline. Goldman Sachs ( GS ) and JPMorgan ( JPM ) scored big early gains on the Dow Jones industrial average.
Financials were among the biggest sector gainers. SPDR S&P Bank (KBE) and SPDR S&P Regional Banking (KRE) gapped up and rose about 1% each as both continue building flat bases . Financial Select Sector SPDR (XLF) pared its gain to 0.5% after clearing a 24.69 cup-with-handle buy point .
Banks have rallied as Fed stress test results were released this week. JPMorgan and Goldman Sachs led the Dow industrials with a 1.3% and 0.3% respective advance. They were among the biggest U.S. banks to get Fed approval to boost shareholder returns.
Oil plays gained as West Texas intermediate crude prices edged higher to $44.79 a barrel after trimming bigger gains. VanEck Vectors Oil Services (OIH) and SPDR S&P Oil & Gas Exploration & Production (XOP) jumped about 1% each. Energy Select Sector SPDR (XLE) and United States Oil Fund (USO) were up around 0.3% apiece.
Chips, gold and homebuilders were among the biggest decliners. Gold futures slipped 0.3% to $1,245.40 an ounce. VanEck Vectors Semiconductor (SMH) and iShares PHLX Semiconductors (SOXX) sank more than 3% each, breaching their 50-day lines. SPDR Technology (XLK) lost more than 2%.
Bond funds also lagged. The 10-year Treasury yield rose 4 basis points to 2.26%. IShares 20+ Year Treasury Bond (TLT) fell 1%, on track for a third straight drop; iShares Core U.S. Aggregate Bond (AGG) was down 0.3%.
But ProShares UltraShort 20+ Year Treasury (TBT) leapt 1.7% for its third straight advance as it heads back up toward its 50-day moving average. The leveraged ETF, which aims for twice the inverse performance of the Barclays 20+ Year U.S. Treasury Index, may be poised to break a long-term downtrend.
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