The Financial Select Sector SPDR® Fund seeks to provide precise exposure to companies in the diversified financial services; insurance; banks; capital markets; mortgage real estate investment trusts (“REITs”); consumer finance; and thrifts and mortgage finance industries. The top holdings include:
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Raymond James downgraded 13 banks on Monday and lowered earnings estimates for most banks citing downward revisions to net interest margin and slowing loan growth.
Banks make loans to borrowers at a higher rate than non-performing assets such as savings accounts and CDs and profit from the difference.
However, in an environment in which the yield curve is flattening, Banks’
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