Financials Dragged the Benchmarks In March, the central bank raised interest rates by 25 basis points for the first time this year. It has intended to raise rates two times further this year, instead of three expected by the market, depending on inflation and fiscal policies from the Trump administration. Some of the leading holdings of the Financial sector in S&P 500 including Wells Fargo ( WFC ), Citigroup ( C ) and Bank of America ( BAC ) declined by 1.8% 1.3% and 1.7% respectively.