🏦 Financials Slip as Fed Stays Hawkish, Jobless Claims Rise | Financials Sector Insight
(XLF) fell 0.4% Thursday, mirroring the Dow’s decline. Fed minutes emphasized inflation risks over employment, reinforcing expectations of prolonged higher rates and weighing on financial stocks. Jobless claims hit an eight-week high (235K), adding to concerns.
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Thursday, August 21
XLF [-0.4%]
Financial Select Sector SPDR Fund
The Financial Select Sector SPDR Fund (XLF) has declined by 0.4% as of Thursday, reflecting broader market sentiment, with the Dow Jones Index also down by 0.40%. The Federal Reserve's recent meeting minutes reveal a hawkish stance, emphasizing inflation risks over employment concerns, which may lead to sustained higher interest rates. This sentiment contributes to market volatility and affects financial stocks within the XLF ETF. Additionally, jobless claims have reached an eight-week high of 235,000, further complicating the economic landscape. Among XLF's holdings, significant declines were noted for companies such as Allstate Corporation, which reported substantial estimated catastrophe losses due to adverse weather events, alongside other contributors like MA and PGR.