🏦 XLF Rises Driven by Strong Q3 Earnings from Goldman Sachs, Bank of America, Citigroup, and Charles Schwab, Despite Broader Market Challenges | Financials Sector Insight
(XLF) has seen a price increase in pre-market trading, buoyed by strong third-quarter earnings from major U.S. banks. Goldman Sachs, Bank of America, Citigroup, and Charles Schwab all exceeded analyst expectations, with Goldman Sachs posting an earnings per share (EPS) significantly above estimates.
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Tuesday, October 15
XLF [+0.8%]
Financial Select Sector SPDR Fund (XLF)
The Financial Select Sector SPDR Fund (XLF) has seen a price increase of 0.8% in pre-market trading, buoyed by strong third-quarter earnings from major U.S. banks. Goldman Sachs, Bank of America, Citigroup, and Charles Schwab all exceeded analyst expectations, with Goldman Sachs posting an earnings per share (EPS) significantly above estimates. In pre-market trading, Goldman Sachs shares rose nearly 3%, while Charles Schwab surged by 9%. Despite a daily return of -0.66% attributed to broader market dynamics, including a drop in oil prices and lower-than-expected inflation data from Canada, sentiment around the financial sector remains positive. Social media discussions highlight that XLF is reaching all-time highs in premarket trading and has achieved over a 50% total return since its low in October 2023. Additionally, Bank of America reported a decline in Q3 profits due to weaker interest income, relevant to the fund's holdings.