🏦 XLF Rises Amid Optimism Over U.S.-China Trade and Fed Stability | Financials Sector Insight
Major financial stocks contributing to this performance include JPMorgan Chase, Bank of America, Visa, Wells Fargo, and Mastercard, all showing notable increases.
Welcome to the MarketReader Minute.
Below are AI-generated insights on moves in the financials sector, powered by MarketReader technology.
Wednesday, April 23
XLF [+3.2%]
Financial Select Sector SPDR Fund
The Financial Select Sector SPDR Fund (XLF) is currently up 3.18%. This uptick follows President Trump's announcement regarding the reduction of tariffs on Chinese imports, coupled with his assurance that Federal Reserve Chair Jerome Powell will remain in his position. These developments have fostered optimism surrounding U.S.-China trade relations and financial stability. Major financial stocks contributing to this performance include JPMorgan Chase, Bank of America, Visa, Wells Fargo, and Mastercard, all showing notable increases. Additionally, JPMorgan has reduced its long position in H-shares of China Pacific Insurance. Treasury Secretary Scott Bessent remarked that a deal with China is feasible despite the absence of formal negotiations, citing the unsustainability of current duties.