Exchange traded funds tracking basics materials stocks were among Wednesday’s worst-performing sector ETFs as Freeport-McMoRan Copper & Gold (NYSE: FCX) lead the way lower.
Shares of the miner were down 4% late Wednesday. Freeport rallied last month on solid quarterly earnings and a special dividend, but the stock has been weak so far in May.
Freeport accounts for 11.2% of Materials Select Sector SPDR Fund (NYSEArca: XLB), which shed nearly 2% Wednesday. The ETF entered the session with a year-to-date gain of 5%, trailing the S&P 500.
Materials Select Sector SPDR Fund
The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.