The largest exchange-traded fund to track the financial sector slumped on Thursday, dropping to a six-week low. The Financial Select Sector SPDR ETF XLF, -3.69% fell 3.2% to $27.81, its lowest level since Feb. 9. It was also on track for its biggest one-day decline since that date. Separately, the SPDR S&P Bank ETF KBE, -3.72% fell 3.2%, as did the SPDR S&P Regional Banking ETF KRE, -3.63% Losses in the sector were widespread. Among the most notable losers, Morgan Stanley MS, -4.32% fell 4%, as did Bank of America Corp. BAC, -4.14% while Goldman Sachs Group Inc. GS, -3.53% was down 3.1%. Regions Financial RF, -4.66% lost 4.5%. The Dow Jones Industrial Average DJIA, -2.93% lost 2.6% while the S&P 500 SPX, -2.52% was down 2.2% and the Nasdaq Composite Index COMP, -2.43% was off 2.1%. The day's losses came on renewed concerns about trade policy after President Donald Trump instructed the office of the U.S. Trade Representative to draw up a list of tariffs on Chinese products totaling up to $60 billion. The tariffs are expected to target sensitive technologies that the U.S. considers vital to the U.S. economy in the years ahead. Other factors also weighing on equities were the latest policy update from the Federal Reserve, which painted a mixed picture out the outlook for interest rates, and reports of the resignation of President Trump's lead attorney.