🏦 XLF Hits All-Time Highs as Trade Deals, Jobless Claims, and Earnings Fuel Financial Rally | Financials Sector Insight
(XLF) is gaining momentum, boosted by upbeat trade developments, falling jobless claims, and strong earnings from Blackstone and Bank of America. Social media highlights XLF and JPMorgan hitting record highs, underscoring market confidence in the sector's resilience.
Welcome to the MarketReader Minute.
Below are AI-generated insights on moves in the financials sector, powered by MarketReader technology.
Thursday, July 24
XLF [+0.2%]
Financial Select Sector SPDR Fund
The U.S. stock market is currently experiencing positive momentum, driven by optimism surrounding recent trade agreements between the United States and Japan, which include a 15% tariff on Japanese exports. This development has positively influenced financial stocks like those within the Financial Select Sector SPDR Fund (XLF). Additionally, labor market data shows initial jobless claims have fallen significantly, further supporting bullish sentiment regarding financial equities. In terms of performance, key holdings within XLF are contributing positively, with Blackstone Inc. reporting strong second-quarter results, Bank of America announcing an increase in its quarterly dividend and a substantial stock repurchase program, and S&P Global showing growth in the US Composite PMI due to robust services activity. Social media discussions highlight that XLF and JPMorgan Chase are reaching all-time highs, with some attributing this to perceived immunity from legal consequences.