🏦 XLF Declines Amid Eased Wage Pressures; Citigroup Hits 3-Year High, AJG Dips After Stock Offering | Financials Sector Insight
(XLF) has experienced a decline of 0.6% since Monday. The U.S. Labor Department reported that Q3 labor productivity growth remained unchanged, while unit labor costs rose less than initially estimated, suggesting easing wage pressures on inflation.
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Tuesday, December 10
XLF [-0.6%]
Financial Select Sector SPDR Fund (XLF)
The Financial Select Sector SPDR Fund (XLF) has experienced a decline of 0.6% since Monday. The U.S. Labor Department reported that Q3 labor productivity growth remained unchanged, while unit labor costs rose less than initially estimated, suggesting easing wage pressures on inflation. Meanwhile, the Reserve Bank of Australia held its interest rate steady at 4.35%, hinting at a potential dovish shift in monetary policy. Among XLF's holdings, notable declines included MMC, BAC, AJG, MS, and CB, with Bank of America Corp's CashPro App projected to exceed $1 trillion in payment approvals by 2024. Morgan Stanley has agreed to pay a $15 million penalty for supervisory deficiencies, while Arthur J. Gallagher & Co. announced an $8.5 billion common stock offering. Additionally, the Dow Jones Index has dropped, reflecting broader market sentiment that may influence the financial sector's performance.