🏦 XLF Jumps on Strong Jobs Data; JPM, WFC Lead Gains | Financials Sector Insight
(XLF) has risen by 1.4% in pre-market trading, buoyed by positive labor market data. In May, nonfarm payrolls increased by 139,000 jobs, and the unemployment rate held steady at 4.2%. This employment data has contributed to a rebound in U.S. equity markets, including financial sector ETFs.
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Friday, June 6
XLF [+1.4%]
Financial Select Sector SPDR Fund
The Financial Select Sector SPDR Fund (XLF) has risen by 1.4% in pre-market trading, buoyed by positive labor market data. In May, nonfarm payrolls increased by 139,000 jobs, and the unemployment rate held steady at 4.2%. This employment data has contributed to a rebound in U.S. equity markets, including financial sector ETFs. Additionally, average hourly earnings rose by 0.4%, surpassing expectations, which may support consumer spending. Among the ETF's holdings, JPMorgan Chase & Co. and Wells Fargo & Co. were notable contributors to its performance, despite the latter facing scrutiny from lawmakers regarding compliance issues. The Dow Jones Index also saw an increase of 0.82%, reflecting broader market sentiment that may influence XLF's upward movement.