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June 25, 2021, 2:52 p.m. EDT

Financial stocks lead S&P 500 sectors higher as inflation data boosts Treasury yields

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By Tomi Kilgore

The financial sector was the best performing of the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.89% 11 stock sectors Friday, after upbeat economic data pushed Treasury yields higher. The SPDR Financial Select Sector ETF /zigman2/quotes/209660484/composite XLF -2.05% rallied 1.2% in afternoon trading, with 61 of 65 equity components trading higher, while the S&P 500 edged up 0.3%. Among the ETFs top holdings, shares of Berkshire Hathaway Inc. /zigman2/quotes/200060694/composite BRK.B -1.86% tacked on 0.8%, J.P. Morgan Chase & Co. /zigman2/quotes/205971034/composite JPM -1.75% gained 1.0%, Bank of America Corp. /zigman2/quotes/200894270/composite BAC -1.81% advanced 2.1%, Wells Fargo & Co. /zigman2/quotes/203790192/composite WFC -2.42% climbed 2.8% and Citigroup Inc. /zigman2/quotes/207741460/composite C -1.85% edged up 0.4%. The sector's rally comes as the yield on the 10-year Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +0.76% rose 5.4 basis points to 1.541% after data showing the Federal Reserve's preferred measure of inflation in May marked a third straight big increase. Bank profits can benefit from higher longer-term interest rates, because that can increase the spread between what banks earn on longer-term assets, such as loans, that are funded by shorter-term liabilities.

/zigman2/quotes/210599714/realtime
US : S&P US
4,397.94
-84.79 -1.89%
Volume: 3.20B
Jan. 21, 2022 4:52p
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/zigman2/quotes/209660484/composite
US : U.S.: NYSE Arca
$ 38.20
-0.80 -2.05%
Volume: 117.91M
Jan. 21, 2022 4:00p
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/zigman2/quotes/200060694/composite
US : U.S.: NYSE
$ 305.22
-5.79 -1.86%
Volume: 6.54M
Jan. 21, 2022 4:03p
P/E Ratio
8.17
Dividend Yield
N/A
Market Cap
$682.20 billion
Rev. per Employee
$746,325
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/zigman2/quotes/205971034/composite
US : U.S.: NYSE
$ 145.08
-2.58 -1.75%
Volume: 20.71M
Jan. 21, 2022 4:00p
P/E Ratio
9.46
Dividend Yield
2.76%
Market Cap
$428.75 billion
Rev. per Employee
$497,080
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/zigman2/quotes/200894270/composite
US : U.S.: NYSE
$ 44.92
-0.83 -1.81%
Volume: 71.30M
Jan. 21, 2022 4:00p
P/E Ratio
12.58
Dividend Yield
1.87%
Market Cap
$367.63 billion
Rev. per Employee
$440,615
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/zigman2/quotes/203790192/composite
US : U.S.: NYSE
$ 53.67
-1.33 -2.42%
Volume: 38.36M
Jan. 21, 2022 4:02p
P/E Ratio
10.78
Dividend Yield
1.49%
Market Cap
$208.55 billion
Rev. per Employee
$306,881
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/zigman2/quotes/207741460/composite
US : U.S.: NYSE
$ 63.27
-1.19 -1.85%
Volume: 28.64M
Jan. 21, 2022 4:02p
P/E Ratio
6.27
Dividend Yield
3.22%
Market Cap
$125.55 billion
Rev. per Employee
$381,305
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/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
1.78
+0.01 +0.76%
Volume: 0.00
Jan. 23, 2022 11:38p
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