🏦 XLF Edges Up Amid Tariff Tensions; Futu Soars on Crypto Growth Optimism | Financials Sector Insight
Within the fund, Bank of America dipped ahead of its Q2 earnings, while MetLife and Progressive Corp saw analyst adjustments. Meanwhile, Futu Holdings surged 9.1% on optimism around crypto adoption and rising earnings estimates, with Morgan Stanley lifting its price target.
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Wednesday, July 9
XLF [+0.3%]
Financial Select Sector SPDR Fund
The Financial Select Sector SPDR Fund (XLF) has experienced a slight increase of 0.3% since Tuesday. President Donald Trump announced a 50% tariff on copper imports and hinted at potential tariffs of up to 200% on pharmaceuticals, contributing to trade tensions that could affect the financial sector. Additionally, the Federal Reserve is expected to release minutes from its latest meeting today, which may influence future monetary policy decisions. Among the ETF's holdings, Bank of America (BAC) reported a drop in performance as it prepares for its second quarter 2025 financial results announcement on July 16. Other notable movements included Progressive Corp (PGR) having its price target adjusted by analysts, and MetLife (MET) lowering its price target while declaring a quarterly dividend. Meanwhile, the USD/CAD currency pair has increased, reflecting broader market dynamics.