🏦 Financials Weaken as XLF Falls; Major Banks Slide Amid Rising Oil Prices | Financials Sector Insight
(XLF) has declined by 0.6% during market hours on Wednesday. Among the ETF's holdings, significant contributors to its performance included JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Goldman Sachs, all of which experienced notable declines.
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Wednesday, October 22
XLF [-0.6%]
Financial Select Sector SPDR Fund
The Financial Select Sector SPDR Fund (XLF) has declined by 0.6% during market hours on Wednesday. This movement coincides with a broader decline in the Dow Jones Index, which has dropped by 0.85%. The U.S. Energy Information Administration reported a decrease in crude oil inventories, defying expectations and contributing to rising WTI prices, a development that may influence the financial sector's performance. Social media discussions indicate that XLF has been trading below its 50-day moving average for several days. Among the ETF's holdings, significant contributors to its performance included JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Goldman Sachs, all of which experienced notable declines. JPMorgan Chase reported a $170 million loss and highlighted its blockchain FX platform's adoption for foreign exchange payments.