🏦 XLF Slips as U.S. Treasury Yields Surge; Deutsche Bank Faces Legal Setback, UP Fintech Down Amid Public Offering | Financials Sector Insight
(XLF) has seen a slight decline of 0.2% during market hours on Wednesday. U.S. Treasury yields have risen, with the 10-year yield reaching its highest level in months at approximately 4.23%. This rise in yields coincides with expectations of a significant interest rate cut by the Bank of Canada.
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Wednesday, October 23
XLF [-0.2%]
Financial Select Sector SPDR Fund (XLF)
The Financial Select Sector SPDR Fund (XLF) has seen a slight decline of 0.2% during market hours on Wednesday. U.S. Treasury yields have risen, with the 10-year yield reaching its highest level in months at approximately 4.23%. This rise in yields coincides with expectations of a significant interest rate cut by the Bank of Canada, potentially impacting U.S.-based financial assets. Social media discussions highlight that Energy and Financials have performed well since yields hit their lowest point on September 16, while sectors like Staples, Real Estate, and Health Care are underperforming. Among the ETF's holdings, notable contributors included CME Group, which reported strong third-quarter results, and American Express, which expanded its global sponsorship with Formula 1. In contrast, disappointing existing home sales data has added to the sector's volatility, with September's sales falling below expectations. The Dow Jones Index has also declined by 0.15%, reflecting broader market sentiment.