After the news on the weak payroll numbers was released, most major stock indexes traded lower. However, the markets and exchange traded funds (ETFs) have regained some position as traders look to capitalize on an oversold market.
The S&P 500, which is currently down 0.41%, has slowly inched up since earlier trading, with broad loses in nine of the 10 industry groups. The SPDR S&P 500 (NYSEArca: SPY) is down 0.39%.
The extended trading loses in major sectors has started to recede, with financial sector stocks taking the lead.
Bank of America (NYSE: BAC) is up 1.15%, JP Morgan Chase (NYSE: JPM) is up 1.35%, Citigroup (NYSE: C) is up 0.51% and Wells Fargo (NYSE: WFC) is up 0.19%. The Financial Select Sector SPDR (NYSEArca: XLF) is up 0.13%.
According to the recent jobs report, the finance sector experienced a small gain of 3,000 new jobs last month, writes Julie Steinberg for Fins Finace. The sector has seen job increases since February. However, Nariman Behravesh, chief economist at IHS Global Insight cautions that the sector “is bouncing around. We’re in sort of a holding pattern. It’s moving sideways.”
For more information on the financials sector, visit our financial category.
Financial Select Sector SPDR
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.