U.S. equities and stock exchange traded fund pulled back Thursday as bank stocks dropped the most since September and consumer discretionary names retreated on concerns over major retailers.
The S&P 500 Index, along with related funds including the SPDR S&P 500 ETF (NYSEArca: SPY), iShares Core S&P 500 ETF (NYSEArca: IVV) and Vanguard 500 Index (NYSEArca: VOO), were down 0.3% Thursday after two days of gains.
U.S. stocks were dragged down by unwinding in some of the more popular post-election trades. For instance, the S&P 500 Financials Sector, whcih was among the best performers since the elections, declined as much as 1.7% Thursday, the Wall Street Journal reports.
Additionally, consumer discretionary shares retreated after retailers, including Macy’s and Kohl’s, warned of weak holiday sales.