---
title: "Financials fall 2% on double volume as copper lifts materials 1.6%"
url: "https://etf.net/news/financials-fall-2-on-double-volume-as-copper-lifts-materials-1-6-2026-09-22"
published_at: "2026-09-22T20:57:00.250Z"
updated_at: "2026-09-22T20:57:00.250Z"
byline: "ETF.net Research"
---

# Financials fall 2% on double volume as copper lifts materials 1.6%

Materials fund XLB rose 1.6% on Tuesday, September 22, 2026, while financials fund XLF fell 2.0% on 2.15 times average volume and the S&P 500 fund SPY finished unchanged.

By ETF.net Research. Published Sep 22, 2026.

The financials fund dropped **2.0%** on Tuesday, September 22, on **2.15** times its average volume, the widest decline among the eleven sector funds. The S&P 500 fund finished unchanged. The equal-weight S&P 500 fund rose 0.04%. The split was by sector, not by company size.

JPMorgan Chase fell 3.4%, Bank of America 3.0%, Visa 2.1% and Charles Schwab 6.1%. Those four subtracted **0.85** percentage points, under half the fund's decline. The other 72 holdings supplied the rest. Berkshire Hathaway, the top weight at 12%, rose 0.3% and barely slowed it.

## Financials fall with yields unchanged

The 10-year Treasury yield was 4.96% on Tuesday, little changed. [The financials fund has been sliding since the Federal Reserve raised its target range on Wednesday, September 16](https://etf.net/news/financials-drop-2-4-after-the-fed-s-first-hike-since-2023-and-a-bank-of-america-fee-warning-2026-09-19); Tuesday's 2.0% drop was larger than that session's 1.6% decline.

Benzinga reported traders rotating into technology on concern that AI shopping agents such as Meta's Muse could disrupt payment companies. Visa and Mastercard, 8% and 5.8% of the fund, both fell 2.1%.

Charles Schwab, a 2.2% holding, fell **6.1%** and subtracted **0.13** percentage points. TradingKey pointed to cash-sorting, with clients moving sweep deposits into higher-yielding money-market funds. The financials fund had already recorded $694.5 million of outflows in the week ended Friday, September 18.

## Diesel export-ban talk hits Valero and Marathon

Treasury Secretary Scott Bessent said the administration is examining whether a diesel export ban is feasible given U.S. refining capacity, and whether a full or partial ban would work. President Trump said he backed the idea.

Valero Energy fell **4.1%** and Marathon Petroleum 3.2%, a combined 9.7% of the energy fund. The fund dropped another **1.1%**, a second down session after Monday's 2.9% decline, and is now down 5.7% over five days. Exxon Mobil, the largest holding, rose 0.2%.

## Copper lifts materials 1.6%

Copper rose **2.0%** to $6.90 a pound late Tuesday, near a year high. Newmont gained 3.4%, Freeport-McMoRan 3.0%, Linde 1.6% and Air Products 3.0%. Together those four names, 29% of the materials fund, added 0.73 percentage points. The fund rose **1.6%** on below-average volume, a bounce inside a 5.2% decline over one month.

Six sector funds advanced, five declined.

Chart: Materials led on quiet volume; financials fell on **2.15×**

Table: Exposure, Session, Volume vs avg

The financials fund is down **4.3%** over one month. Tuesday extended that slide on the heaviest volume of the five sessions since the Federal Reserve raised rates.

Source: etf.net, https://etf.net/news/financials-fall-2-on-double-volume-as-copper-lifts-materials-1-6-2026-09-22. Please cite the page URL.