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FBB Capital Partners senior portfolio manager Mel Casey expects the upcoming third quarter earnings season to provide support for the broader market, despite concerns over heavy concentration in technology stocks.
The financial sector is set to kick off the reporting cycle next week, with money center banks scheduled to begin reporting on Tuesday.
Casey noted that recent declines in financial stocks align with rising interest rates over the past month or two.
However, he pointed to strong earnings results from the previous quarter, which extended beyond major banks to smaller institutions.
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