Consumer Discretionary ETFs struggle as Amazon drops 10%
HJBC

Consumer discretionary exchange traded funds are under fire as shares of Amazon (AMZN) plummeted more than 10% on Friday morning after the ecommerce giant, delivered a mixed Q3 earning report.
AMZN has fallen as the firm offered a less than optimistic sales forecast for the fourth quarter.
As a result of the stocks selloff, the ProShares Online Retail ETF (NYSEARCA:ONLN), Consumer Discretionary Select Sector SPDR Fund (NYSEARCA:XLY), Fidelity MSCI Consumer Discretionary Index ETF (NYSEARCA:FDIS), and the Vanguard Consumer Discretionary ETF (NYSEARCA:VCR) are all in the red.
Amazon is held by 347 ETFs but ONLN, XLY, FDIS, and VCR are the four funds that have the most significant weightings towards the company.
ONLN has the heaviest allocation towards AMZN at 23.75%. XLY and FDIS are next in line with portfolio positions of 23.25% and 22.25%. VCR rounds out the group with a 22.20% position in AMZN.
Fridayâs price action: AMZN -10.5%, ONLN -4.2%, XLY -2.3%, and VCR -2%.
Taking a step back and investors will note that the current selloff is not just attributed to today as all four ETFs are down in 2022.
Year-to-date price action: AMZN -41.4%, ONLN -51.2%, XLY -32.4%, and VCR -32.1%.
While the above four funds are lower on the day, they are not the only ETFs in negative territory. Other heavily weighted ETFs towards Amazon that are trading lower include:
(RTH), (IEDI), (IYC), (RXI), (FNGS), and (TIME).
While AMZN has negatively impacted many exchange traded funds, it hasnât hindered the broader market as major averages push higher on Friday.