Exchange traded funds tracking the U.S. financial sector opened the week in the red with Goldman Sachs (NYSE: GS) and JP Morgan (NYSE: JPM) dominating the banking headlines Monday.
Goldman is considering releasing documents showing a Senate subcommittee report blasting the firm in fact overstated Goldman’s bets against the housing market, The Wall Street Journal reported.
Separately, two executives on the 15-person operating committee at JP Morgan are expected to stop down, the newspaper reported.
Financial Select Sector SPDR Fund (NYSEArca: XLF) was down 0.5% in early trading Monday. JP Morgan is the ETF’s top holding at 9.2% of the portfolio while Goldman accounts for 3.9%.
Financial stocks have been underperforming the market recently amid worries the economy is losing steam. The sector ETF is down about 4% so far this year, while the S&P 500 has gained roughly 4% despite the recent pullback.