Friday Sector Laggards: Financial, Technology & Communications

The worst performing sector as of midday Friday is the Financial sector, showing a 1.6% loss. Within the sector, SVB Financial Group (Symbol: SIVB) and First Republic Bank (Symbol: FRC) are two of the day’s laggards, showing a loss of 6.1% and 4.7%, respectively. Among financial ETFs, one ETF following the sector is the Financial Select Sector SPDR ETF (Symbol: XLF), which is down 1.8% on the day, and up 30.33% year-to-date. SVB Financial Group, meanwhile, is up 72.39% year-to-date, and First Republic Bank is up 40.40% year-to-date. Combined, SIVB and FRC make up approximately 1.9% of the underlying holdings of XLF.

The next worst performing sector is the Technology & Communications sector, showing a 1.5% loss. Among large Technology & Communications stocks, Adobe Inc (Symbol: ADBE) and Etsy Inc (Symbol: ETSY) are the most notable, showing a loss of 9.2% and 8.1%, respectively. One ETF closely tracking Technology & Communications stocks is the Technology Select Sector SPDR ETF (XLK), which is down 2.6% in midday trading, and up 26.45% on a year-to-date basis. Adobe Inc, meanwhile, is up 21.95% year-to-date, and Etsy Inc is up 28.87% year-to-date. ADBE makes up approximately 2.7% of the underlying holdings of XLK.

Comparing these stocks and ETFs on a trailing twelve month basis, below is a relative stock price performance chart, with each of the symbols shown in a different color as labeled in the legend at the bottom:

Here’s a snapshot of how the S&P 500 components within the various sectors are faring in afternoon trading on Friday. As you can see, two sectors are up on the day, while seven sectors are down.

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