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Aug. 11, 2020, 12:26 p.m. EDT

Financial ETFs surge as investors bet on left-behind sectors

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By Andrea Riquier

Financial sector ETFs outperformed Tuesday as investors rotated away from pricier technology stocks in favor of sectors that haven't participated in the months-long rally from the March lows. The Fidelity MSCI Financials Index exchange-traded fund /zigman2/quotes/207745856/composite FNCL -0.06% and the Financial Select Sector SPDR Fund /zigman2/quotes/209660484/composite XLF +0.38% were both up just over 2% at midday, topping the 0.4% gain for the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.07% . So far in August, both funds have notched their best monthly gain since April, following declines of more than 20% in the March market sell-off. Financial ETFs were boosted Tuesday by gains in shares of J.P.Morgan Chase Inc. /zigman2/quotes/205971034/composite JPM +0.30% and Regions Financial Corporation /zigman2/quotes/202396577/composite RF -0.96% , both among the day's biggest gainers, up nearly 5%, and by a jump in the yield of the 10-year U.S. Treasury note .

/zigman2/quotes/207745856/composite
US : U.S.: NYSE Arca
$ 34.64
-0.02 -0.06%
Volume: 32,348
Sept. 18, 2020 12:57p
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/zigman2/quotes/209660484/composite
US : U.S.: NYSE Arca
$ 24.83
+0.09 +0.38%
Volume: 27.36M
Sept. 18, 2020 1:14p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,321.19
-35.82 -1.07%
Volume: 1.47B
Sept. 18, 2020 1:14p
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/zigman2/quotes/205971034/composite
US : U.S.: NYSE
$ 98.86
+0.30 +0.30%
Volume: 10.95M
Sept. 18, 2020 1:14p
P/E Ratio
13.31
Dividend Yield
3.65%
Market Cap
$300.37 billion
Rev. per Employee
$497,647
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/zigman2/quotes/202396577/composite
US : U.S.: NYSE
$ 11.92
-0.12 -0.96%
Volume: 4.05M
Sept. 18, 2020 1:14p
P/E Ratio
17.88
Dividend Yield
5.22%
Market Cap
$11.55 billion
Rev. per Employee
$320,096
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