🏦 XLF Slips Amid Rising Jobless Claims and Sector Weakness, HSBC Falls, AFL Soars and WFC Dips | Financials Sector Insight

U.S. Initial Jobless Claims have risen to a near 12-month high, surpassing expectations and reflecting a softening labor market, which may influence future Federal Reserve decisions on benchmark borrowing costs.

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Below are AI-generated insights on moves in the financials sector, powered by MarketReader technology.

Thursday, August 1

XLF [-1.0%]
The Financial Select Sector SPDR Fund (XLF) has declined by 0.9% since Wednesday. Key holdings have also experienced significant downward movements, with JPMorgan Chase, Wells Fargo, Bank of America, Berkshire Hathaway Inc. Cl B, and American International Group all contributing negatively to the ETF's performance. AIG reported adjusted earnings per share that fell short of estimates, alongside a notable decline in underwriting income and general insurance premiums. Additionally, U.S. Initial Jobless Claims have risen to a near 12-month high, surpassing expectations and reflecting a softening labor market, which may influence future Federal Reserve decisions on benchmark borrowing costs. The Dow Jones Index has similarly declined, reinforcing the broader market sentiment affecting XLF.

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