The market has continued its declines from last week after the Silicon Valley Bank collapse and there are still worries there could be a contagion effect that could spread to other banks.
As a result, every sector finished in the red last week. Staple and Utilities held up best, but that isn’t saying too much. Financials, not surprisingly, were hit the hardest. This was followed by Real Estate and Materials as sectors struggling with the news of last week, which accelerated a market that was already headed lower.
Financial Select Sector SPDR ETF (XLF)
Since there is a lot of uncertainty in the market right now, more specifically with Financials, this is the sector we will have on watch today. If the collapse of SVB spreads to other banks, we will look for additional weakness to spread throughout this sector.
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