There was other good news (at least, if you’re not holding oil futures) for the market: oil dropped as low as $118 a barrel. That’s its lowest point since early May. Crude is now nearly 20% off its all-time trading high of $147.27 hit on July 11.

The service sector contracted in July, as well, but it was less than expected. New orders fell as prices climbed, putting a crimp on growth for retailers, truckers and insurers, reports Ellen Simon for the Associated Press.

The reading was 49.5, up from 48.2 in June. Economists were predicting a reading of 49. A number below 50 signals contraction, while above 50 signals growth.

Some ETFs that could be affected by contraction in the service sector include:

  • PowerShares Dynamic Insurance Portfolio (PIC), down 8.5% year-to-date
  • iShares Dow Jones U.S. Insurance Index Fund (IAK), down 25.1% year-to-date
  • Vanguard Consumer Discretionary (VCR), down 15% year-to-date
  • SPDR S&P Retail (XRT), down 11.1% year-to-date