🏦 Financials Rise Despite Weak GDP; Goldman Hits Record, JPM Gains | Financials Sector Insight
The financial sector advanced despite a Q1 GDP contraction of 0.5%, as stronger-than-expected durable goods data signaled resilience in manufacturing-linked segments. Goldman Sachs hit an all-time high, while JPMorgan also posted gains, contributing to XLF’s upward move.
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Thursday, June 26
XLF [+0.7%]
Financial Select Sector SPDR Fund
The Financial Select Sector SPDR Fund (XLF) has seen a price increase of 0.7% since Wednesday. The U.S. economy contracted at an annualized rate of 0.5% in the first quarter, reflecting weaker consumer spending and a notable decline in exports. Despite this, durable goods orders surged significantly in May, suggesting strong demand recovery that may positively affect financial stocks linked to manufacturing growth within XLF's holdings. Geopolitical tensions have eased due to a ceasefire between Israel and Iran, potentially stabilizing markets. Among the ETF's top contributors, JPMorgan Chase increased, while Goldman Sachs reached an all-time high, showing substantial upward momentum in its current trading session.