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TFNS set for big bank earnings test as 13 holdings report this week
About 35.1% of the T. Rowe Price Financials ETF's assets sit in the 13 holdings scheduled to report Tuesday through Friday.
Big bank earnings season kicks off Tuesday, and the T. Rowe Price Financials ETF (TFNS) is closely tied to the results. ETF Trends said 13 of TFNS’s holdings are scheduled to report from Tuesday through Friday, spanning major banks, asset managers, and insurers.
ETF Trends noted that the earnings come after a soft read on the labor market. U.S. employers added 29,000 jobs in September, below expectations of roughly 90,000, while unemployment rose to 4.2% from 4.1%, and core PCE inflation held at 3% year over year.
According to ETF Trends, higher rates can help banks’ loan earnings, but slower hiring can hurt borrowers’ ability to repay. The outlet also said long-term Treasury yields had reached multi-decade highs before pulling back.
ETF Database data cited by ETF Trends showed that the 13 reporting holdings account for about 35.1% of TFNS’s assets. Tuesday’s lineup includes JPMorgan Chase, Goldman Sachs, Wells Fargo, and Citigroup.