ETF Investors Head to Safe Harbors

Despite news of the biggest banking regulatory overhaul since the New Deal, stocks stayed flat Wednesday. Banks of all sizes will face more government oversight, a prospect that discouraged investors. Bright spots included Pfizer (PFE) and Watson Pharmaceuticals (WPI) as health-care stocks provided a positive counterpoint to the financial sector. Oil ticked up to get close to $71 a barrel, reversing a couple of down days. The Dow Jones Industrial Average ended down seven points at 8497. For a complete rundown of Wednesday’s trading session, see our market story. 

The SPDR Health Care Select Sector fund (XLV) rose 2.2% as the health sector drew renewed interest. The SPDR S&P Retail fund (XRT) partially rebounded from a Tuesday drop, gaining 1.5% for the session.

The Market Vectors Agribusiness fund (MOO) slipped 3.6% on sliding commodity prices and weaker demand estimates from Germany, an important market for potash. Stocks standing in the path of financial system reform slipped across the sector Wednesday, dropping the SPDR KBW Bank (KBE) fund 3.3%.

Earnings and Conference Calls
8:30 a.m. Initial Jobless Claims
10:00 a.m. June Philadelphia Fed Business Index
10:00 a.m. May Conference Board Leading Indicators
10:00 a.m. DJ-BTMU Business Barometer

Economic Data
Carnival, J. M. Smucker, Pier 1 Imports, Research In Motion, Wimm-Bill-Dann Foods, Winnebago

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