🏦 Wells Fargo and Citigroup Report Strong Q2 Earnings, Bank of New York Mellon Surges, JPMorgan Beats Expectations | Financials Sector Insight

A key macro event - US Michigan Consumer Sentiment Prel for July 2024 - reported lower than expected consumer confidence levels. This could contribute to increased volatility in KRE based on historical data analysis related to such events.

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Below are AI-generated insights on moves in the financials sector, powered by MarketReader technology.

Friday, July 12

XLF [+0.2%]
The Financial Select Sector SPDR Fund saw significant movements in its holdings, with top contributors like BRK.B, V, MA, BK, and SPGI positively impacting the ETF's performance. Visa benefited from Citigroup's improved wealth forecast while Mastercard excelled through new partnerships driving strong annualized returns. Bank of New York Mellon Corp surged after beating Q2 estimates and increasing dividends despite interest income decline. US macro events also played a role: US Michigan Consumer Sentiment Prel for July 2024 was lower than expected but higher compared to the previous month; US PPI MoM exceeded expectations with rising service prices offset by falling goods prices; Core PPI YoY surpassed prior figures.

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