This article was originally published on ETFTrends.com.
Shares of the State Street Financial Select Sector SPDR ETF (XLF) touched a fresh all-time high Tuesday. That gain is part of a broader shift in the market. Money has moved out of high-flying tech names and into more traditional corners of Wall Street.
Key Takeaways:
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XLF hit an all-time high of $57.33 Tuesday, lifting assets to $49.18 billion.
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Coinbase and Block each gained more than 5% in the latest session.
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PayPal surged 26.6% over the past month, the fund’s biggest gainer.
XLF’s advance came even as some of the tech weakness that fueled the broader shift faded. The Nasdaq Composite fell 0.8% and the VanEck Semiconductor ETF (SMH) dropped 4% in early trading, according to CNBC. Both had recovered by Tuesday afternoon, with the Nasdaq Composite up 0.04% and SMH up 2.8%.
Healthcare stocks climbed alongside financials. The State Street Health Care Select Sector SPDR ETF (XLV) also touched a fresh intraday record, according to CNBC.
XLF’s new high shows that the rally in financial stocks reaches well beyond the big banks that typically dominate the sector. The fund opened at $57.13 on Tuesday and touched an intraday high of $57.33, matching its 52-week high. It has $49.18 billion in assets, according to ETF Database.
With holdings spanning banks, insurers, payment processors, and exchanges, the fund gives investors broad exposure across the financial sector rather than a narrow bet on any single corner of it.
See more: Time to Upgrade Financials? The Bull Case for Banks
Coinbase Global, Inc. (COIN) rose 5.8% and Block, Inc. (XYZ) climbed 5.3%. FactSet Research Systems Inc. (FDS) added 4.5% and Fidelity National Information Services, Inc. (FIS) gained nearly 4%, according to State Street.
Alternative asset managers and large lenders carried more of the load over the past week. Blackstone Inc. (BX) gained 7.3% and Ares Management Corp. (ARES) added 5.4%. JPMorgan Chase & Co. (JPM) rose 5.1%.
Financial Momentum Builds Over the Month
XLF’s climb over the past month tells a similar story, with the fund up more than 6% in that span. Payment companies once again led the way, according to State Street.
PayPal Holdings, Inc. (PYPL) rose 26.6% over the past month, the fund’s largest gain among individual holdings for the period. Global Payments Inc. (GPN) added 20.4% and Intercontinental Exchange, Inc. (ICE) climbed 20.1%.
Exchange operators Nasdaq, Inc. (NDAQ) and Cboe Global Markets, Inc. (CBOE) also gained over the same stretch. NDAQ rose 19.6% and CBOE climbed 19.3%, according to State Street.