🏦 XLF Drops Amid Inflation Concerns; Mastercard Inquiry & MetLife Earnings Impact Financial Sector | Financials Sector Insight
The Financial Select Sector SPDR Fund (XLF) has seen a decline of 0.8% since Wednesday. The U.S. economy displayed resilience, with the ADP report showing an increase of 233,000 jobs in October and personal spending rising by 0.5%
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Thursday, October 31
XLF [-0.8%]
Financial Select Sector SPDR Fund (XLF)
The Financial Select Sector SPDR Fund (XLF) has seen a decline of 0.8% since Wednesday. The U.S. economy displayed resilience, with the ADP report showing an increase of 233,000 jobs in October and personal spending rising by 0.5%. Core PCE inflation data remained steady at an annual rate of 2.7%, indicating persistent inflation pressures that could influence Federal Reserve policy. Social media discussions suggest potential selling pressure on banks represented by XLF. Among the ETF's holdings, Mastercard faced negative sentiment due to a formal inquiry from the European Commission, while Intercontinental Exchange reported mixed Q3 results, and MetLife's lower-than-expected earnings led Barclays to adjust its price target downward. Additionally, initial jobless claims fell below expectations, reflecting a robust economic environment but presenting mixed signals regarding wage growth and inflation pressures.