Financial-sector exchange traded funds (ETFs) followed the broader market lower Thursday on worries over the employment picture as closely watched holdings Citigroup (NYSE: C) and Bank of America (NYSE: BAC) weakened.
Financial Select Sector SPDR Fund (NYSEArca: XLF) was down nearly 1% and was trading below its 50-day moving average. Citi and B. of A. are top holdings and are among the market’s most actively traded stocks. B. of A. shares were down more than 1%. The company on Thursday said it is tripling the number of customer assistance centers for borrowers who are facing difficulty making their mortgage payments.
The$8 billion financial ETF is in negative territory for the week, month, and three months. The fund was up 2.1% year to date as of May 4 but trailed the S&P 500 by more than 5 percentage points, according to Morningstar.
Stocks fell Thursday after a report estimated jobless claims shot up in the latest week.
Financial Select Sector SPDR
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