🏦 American Express Falls Amid Rising Expenses as Ally and Fifth Third Struggle Despite Earnings Beat | Financials Sector Insight
The Financial Select Sector SPDR Fund (XLF) has seen a decline of 0.3% since Thursday. Significant contributors to this performance include American Express (AXP), which reported mixed Q3 earnings, with adjusted EPS beating estimates but revenue slightly missing expectations.
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Friday, October 18
XLF [-0.3%]
Financial Select Sector SPDR Fund (XLF)
The Financial Select Sector SPDR Fund (XLF) has seen a decline of 0.3% since Thursday. Significant contributors to this performance include American Express (AXP), which reported mixed Q3 earnings, with adjusted EPS beating estimates but revenue slightly missing expectations. AXP shares dropped following the earnings report. Bank of America (BAC) experienced a decrease, coinciding with Berkshire Hathaway's sale of 8.7 million shares, reducing its stake below 10%. Other notable declines came from Visa (V), Wells Fargo (WFC), and JPMorgan Chase (JPM). Additionally, the Dow Jones Index has declined by 0.34%, reflecting broader market sentiment that may also be influencing XLF's performance.