Market Wrap-Up

After a two-day rally, stocks slipped Tuesday on a range of spotty news on the economy and corporate earnings.

FedEx (FDX), whose earnings are perceived by traders as a barometer of the health of the broader economy, ratcheted back its guidance for its fiscal year based on a slumping business environment. FedEx shares plunged 15%.

Meanwhile, Congress continued to negotiate the nuances of a bailout plan for the Big Three auto makers. The plan, which would involve around $15 billion in short-term loans, will probably get approved Wednesday.

Pending home sales fell 0.7% in October (economists had expected a 3% decline). The Department of Energy said annual demand for oil would slow. That led to a selloff in oil. Crude closed down $1.50 to the $42 level.

The Dow Jones Industrial Average traded lower the entire session, mainly on the Fedex news. It finished down 242 points to 8,691.

Losers

As oil moved lower so, too, did solar ETFs. The Market Vectors Solar Energy (KWT) and the Claymore/MAC Global Solar Energy (TAN) ETFs dropped 11.1% and 8.6%, respectively.

Winners

But not everything energy-related had an off day. On Monday, investors jumped into ETFs that tracked companies that could benefit from a new presidential administration's infrastructure spending program. That theme continued Tuesday as the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) increased 2.3%. Market Vectors Coal (KOL) climbed 1.1%.

Wednesday's Notebook

Look for news on a Congressional bailout plan for Detroit to impact trading.

Earnings & Conference Calls
CKE Restaurants, Emcore, Korn Ferry

Economic Data
10:00a.m. Oct. Wholesale Trade
2:00p.m. Nov. Federal Budget

Quick Take

A look at how the industry's most popular ETFs did on Tuesday.