Exchange traded funds were volatile before Thursday’s opening bell as the European Central Bank cut rates and announced liquidity measures designed to help banks.

ETFs pegged to U.S. stocks, the euro and precious metals jumped after the ECB lowered reserve ratio requirements for lenders and also eased collateral restrictions.

However, the ETFs swung in the opposite direction after ECB President Mario Draghi at a press conference said there may not be more rate cuts and bond buying in the future.

SPDR S&P 500 (NYSEArca: SPY) slipped 0.6% in premarket trading while CurrencyShares Euro Trust (NYSEArca: FXE) also traded lower.

Precious metals ETFs initially soared in the wake of the ECB news as the dollar weakened, but then pulled back on the Draghi comments.

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