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Financial ETFs head for best day since July as investors rotate to deep values

Financial sector exchange-traded funds outperformed Monday as investors rotated their exposure to segments of the market that have been left behind in the big run-up in stock prices since the March bottom. The Financial Select Sector SPDR Fund was up 2.8% in the early afternoon, on track for its best daily performance since July and beating the broad S&P 500 , which was up 1.8%. The Invesco KBW Bank ETF gained 3.5%. The SPDR fund is still down more than 21% in the year to date, making it a better value proposition than sectors that have benefitted in the aftermath of the COVID-19 shock: the Technology Select Sector SPDR Fund is up more than 21% so far this year. Other beaten-down segments of the market also got more attention on Monday: the Energy Sector SPDR Fund gained more than 3% and is still down nearly 50% in 2020. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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