SPY Update: Meltdown In Financials - State Street SPDR S&P 500 ETF Trust (ARCA:SPY), State Street Financial Select Sector SPDR ETF (ARCA:XLF)

The SPDR S&P 500 ETF Trust (NYSE:SPY) may be forming a new downtrend. The support at the important $423 level has been broken.

While cryptocurrencies and Big Tech are grabbing the headlines, many missed something important Thursday: the financial sector stocks made a huge move lower.

The Financial Select Sector SPDR Fund (NYSE:XLF) tracks the financial sector. And yesterday it dropped by almost 3%. This was the biggest one-day loss since the market crashed last February.

The financial sector was one of the leaders of the market rally that went from March through May. Now there’s a chance that it leads the market lower.

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The SPDR S&P 500 ETF Trust (NYSE:SPY) may be forming a new downtrend. The support at the important $423 level has been broken.

While cryptocurrencies and Big Tech are grabbing the headlines, many missed something important Thursday: the financial sector stocks made a huge move lower.

The Financial Select Sector SPDR Fund (NYSE:XLF) tracks the financial sector. And yesterday it dropped by almost 3%. This was the biggest one-day loss since the market crashed last February.

The financial sector was one of the leaders of the market rally that went from March through May. Now there’s a chance that it leads the market lower.

SPYState Street SPDR S&P 500 ETF Trust

$681.78-0.16%

Overview

XLFState Street Financial Select Sector SPDR ETF

$52.20-%

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To add Benzinga News as your preferred source on Google, click here.