Financials Sharply Lower Following Jobs Data

Financial Select Sector SPDR Fund XLF shares are trading lower by $0.53 in Friday's session. The weak jobs has dimmed hopes for an interest rate hike this month, which would have been a benefit to the financial institutions that make up this ETF.

Following six days of consolidation between $23.48 and $23.93, the quiet period has been resolved to the downside. After a lower open at $23.56, which turned out to be the high for the day, the ETF continued in that direction.

So far, it has reached $23.26 and is attempting to rebound. If the decline continues through the low, there may be additional support at its May 23 low of $23.09.