Shares of the Select Sector Financial Slct Str SPDR Fd (NYSE: XLF), the largest financial services exchange-traded fund, are trading lower by half a percent at this writing before this week's avalanche of major bank and brokerage earnings starts trickling with Dow component JPMorgan Chase & Co. (NYSE: JPM) reporting after the close of U.S. markets Tuesday.
Predictably, XLF declined after the Federal Reserve passed on raising interest rates last month, but the ETF has steadied to post a modest gain of a third of a percent over the past month. As has been duly noted, this is a big week for XLF and rival financial services ETFs, and that importance will be on display this afternoon because JPMorgan Chase is XLF's third-largest holding at a weight of almost 8 percent.
Bank Earnings Season Is Upon Us
Heading into ...
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