Stock exchange traded funds (ETFs) were higher Wednesday even as weaker-than-expected manufacturing data added to concerns that the U.S. economy’s recovery is slowing down.

The April report on durable goods orders will be in the spotlight Wednesday as the release is a measure for the health of overall economic activity. Industrial sector exchange traded funds could move on the news, as this report is also a measure of business investment. April durable goods orders are anticipated to be down by 2.6%, due to weak aircraft orders. SPDR Industrial Select Sector Fund (NYSEArca: XLI) is up 26.5% year to date. [Durable Good, Industrial ETFs in Focus]

A plunge in Polo Ralph Lauren (NYSE: RL) shares on Wednesday after disappointing quarterly results provided a headwind for ETFs tracking the consumer discretionary sector. Polo Ralph Lauren said its fiscal fourth-quarter net income fell to $73 million from $114 million in the year-ago period. The stock was down more than 10% in premarket action Wednesday. Polo Ralph Lauren is a minor holding in PowerShares Dynamic Consumer Discretionary (NYSEArca: PEZ) and Rydex S&P Equal Weight Consumer Discretionary (NYSEArca: RCD). [Polo Ralph Lauren to Weigh on Consumer Discretionary ETFs]

Cisco (NasdaqGS: CSCO) shares were active in Wednesday’s premarket with a fractional loss as a closely watched Nasdaq ETFs was set for a mixed open. Cisco was off 0.6% while PowerShares QQQ (NasdaqGM: QQQ) was little changed before the bell. The Nasdaq ETF has been bouncing around its 50-day moving average lately, while Cisco shares have been trending lower. Cisco represents 3.5% of PowerShares QQQ. [Cisco Shares Active; Nasdaq ETF Mixed]

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