🏦 Financial Fallout: Apollo, Citigroup, and Mizuho Lead the Slide Amid Disappointing Jobs Data and Analyst Downgrades | Financials Sector Insight
Berkshire Hathaway has reduced its stake in Bank of America, selling over $3.8 billion since mid-July while remaining the largest shareholder. Recent macroeconomic data revealed lower-than-expected job growth and rising unemployment, contributing to market volatility.
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Below are AI-generated insights on moves in the financials sector, powered by MarketReader technology.
Friday, August 2
XLF [-1.3%]
The Financial Select Sector SPDR Fund (XLF) has seen a decline of 0.7% in pre-market trading, coinciding with a 0.65% drop in the Dow Jones Index. Significant contributors to XLF's performance include JPM, BAC, C, WFC, and V, all of which posted negative returns. Notably, Berkshire Hathaway has reduced its stake in Bank of America, selling over $3.8 billion since mid-July while remaining the largest shareholder. Recent macroeconomic data revealed lower-than-expected job growth and rising unemployment, contributing to market volatility. The US Non Farm Payrolls report showed job growth of only 114K, while Average Hourly Earnings also fell short of expectations. These developments have added to the uncertainty surrounding XLF's performance.