EVERY biotech ETF is currently trading lower. The SPDR S&P Biotech ETF (NYSEArca: XBI) is down over 5% on volume that is roughly triple the daily average. The iShares Nasdaq Biotechnology ETF (NasdaqGS: IBB), the largest biotech ETF by assets, has already seen triple its average turnover. Only one of the five biotech ETFs is down less than 2% today.
The BEST performer among FDN’s top holdings is Google (NasdaqGM: GOOG), which is off a mere 0.5% today. Two days may not make a trend, but it is clear that high some high P/E stocks have been vulnerable this week. FDN and PNQI have average P/E ratios of almost 35 and an average price-to-book ratio of almost 4.4.
Global X Social Media Index ETF
ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of Google and Facebook.