Financial ETF Gains 1.09% as Major U.S. Indexes Fall This Week

The State Street Financial Sel Sec SPDR ETF (XLF) rose 1.09% this week while major U.S. indexes each fell at least 1%, marking a relative gain for the financial ETF during a technology stock rout.

Morgan Stanley, Mitsubishi UFJ and Mastercard were among megacap financial stocks that advanced. Evercore, SoFi, Blue Owl and Porch Group also moved higher after strong quarterly results.

HSBC shares declined after the bank missed third-quarter estimates. Brazilian financial stocks plunged after Lula’s reelection reversed expectations for a shift toward more conservative economic policies. Brazilian stocks had previously appeared among the gainers in an earlier weekly financials roundup.

Shares of Hyperliquid Strategies also advanced during the week.