🏦 XLF Rises Driven by Strong Sector Performance, Boosted by Robust Retail Sales While Blackstone, and Travelers Companies Show Notable Gains | Financials Sector Insight
The Financial Select Sector SPDR Fund (XLF) is currently among the early leaders in S&P sector ETFs, buoyed by the upcoming third-quarter earnings season. Despite downward revisions to expectations, the S&P 500 continues to reach record highs.
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Thursday, October 17
XLF [+0.5%]
Financial Select Sector SPDR Fund (XLF)
The Financial Select Sector SPDR Fund (XLF) is currently among the early leaders in S&P sector ETFs, buoyed by the upcoming third-quarter earnings season. Despite downward revisions to expectations, the S&P 500 continues to reach record highs. Wells Fargo's strategists anticipate a record year for S&P 500 earnings in 2024, particularly benefiting cyclical sectors like Financials amid a projected economic recovery through 2025. Concurrently, the European Central Bank has cut its key interest rates by 25 basis points to 3.25%, aiming to support disinflation efforts, which may influence financial markets globally. U.S. retail sales for September have also increased by 0.4%, surpassing expectations and reflecting strong consumer spending momentum that could positively impact the financial sector. Top contributors to XLF's performance include JPMorgan Chase, Blackstone, Visa, Travelers Companies, and Chubb Ltd., with notable earnings reports and stock appreciation among these firms.