Broad Market Selloff Ends ETF Rally

More drama from financial stocks on Wednesday and the sound of the final nails going into General Motors' (GM) finances unwound recent gains in stocks and pushed major indexes down. A selloff of Treasurys that drove the yield on the 10-year note to a recent high of 3.732% was coupled with a flight from stock futures, adding to the downward momentum. The Dow Jones Industrial Average dropped 173 points to close at 8300. For a complete rundown of Wednesday’s trading session see our market story.

Investors betting on market movements were rewarded as the iPath S&P 500 VIX Short-Term Futures exchange traded notes (VXX) rose 2.8%. A strong showing from SanDisk (SNDK) helped boost the chip sector and pushed the iShares S&P North American Technology-Semiconductors fund (IGW) 1.4% higher.

Smaller banks, many of which have raised capital through recent share offerings, continued to slip Thursday, sending the SPDR KBW Regional Banking fund (KRE) down 5.6%. News of high-end housing inventories hitting a 40-month supply added to the dismal picture for real estate. The iShares Dow Jones U.S. Real Estate fund (IYF) dropped 3.3%.

Earnings and Conference Calls
Arctic Cat, Bank of Nova Scotia, Big Lots, Canadian Imperial Bank of Commerce, Costco Wholesale, Genesco, H.J. Heinz, J. Crew Group, Jackson Hewitt Tax Service, Jamba Juice, Marvell Technology Group, Mentor Graphics, Monro Muffler Brake, National Bank of Canada, Novell, Omnivision Technologies, Perry Ellis International, Shoe Carnival, Silicon Sensor International, Sonic Solutions, SourceForge, Toronto Dominion Bank, Wet Seal

Economic Data
8:30 a.m. Initial Jobless Claims
8:30 a.m. April Durable Goods Orders
10:00 a.m. April New Home Sales
10:00 a.m. DJ-BTMU Business Barometer
1:00 p.m. May 22 U.S. Energy Dept. Oil Inventories

A look at how the industry's most popular ETFs did on Wednesday: