Financial Sector ETF Recoups All Of Its Post-Silicon Valley Bank Crash Losses As Major US Banks Report Booming Earnings
Portfolio Pulse from Piero Cingari
The Financial Select Sector SPDR Fund (XLF) has recovered from the selloff caused by the collapse of Silicon Valley Bank (SIVB). Major U.S. banks such as JPMorgan Chase (JPM), Wells Fargo (WFC), BlackRock (BLK), Citigroup (C), and State Street (STT) have reported earnings that exceeded expectations, although BlackRock and State Street reported lower-than-expected revenues. The SPDR S&P Regional Banking ETF (KRE) is still 25% lower than pre-SIVB levels.
July 14, 2023 | 2:24 pm
News sentiment analysis
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NEGATIVE IMPACT
The SPDR S&P Regional Banking ETF (KRE) is still 25% lower than pre-SIVB levels.
The continued lower levels of KRE indicate a negative sentiment towards regional banks, which could lead to a decrease in the ETF's price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
State Street reported better than expected Q2 earnings but revenues fell short of forecasts.
State Street's lower than expected revenues could indicate potential challenges, which could lead to a decrease in its stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
BlackRock reported higher than expected Q2 earnings but lower than expected revenues.
While BlackRock's earnings were higher than expected, the lower revenues could indicate potential challenges, leading to a neutral impact on its stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Citigroup reported better than expected Q2 earnings but revenues fell from the previous quarter.
While Citigroup's earnings were better than expected, the decrease in revenues could indicate potential challenges, leading to a neutral impact on its stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
JPMorgan Chase reported outstanding Q2 results, exceeding expectations.
JPMorgan's strong earnings report indicates a healthy financial performance, which could lead to an increase in its stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Wells Fargo reported better than expected Q2 earnings.
Wells Fargo's strong earnings report indicates a healthy financial performance, which could lead to an increase in its stock price.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
POSITIVE IMPACT
The Financial Select Sector SPDR Fund (XLF) has fully recovered from the Silicon Valley Bank crash.
The recovery of XLF indicates a positive sentiment towards the financial sector, which could lead to an increase in the ETF's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100