BANK OF AMERICA CORP

For Q1 2025, Fidelity Select Financials Portfolio returned -0.20%, trailing the MSCI U.S. IMI Financials 5% Capped Linked Index, but outpacing the broadly based S&P 500® index.

Several announcements this week from firms such as eToro and DoorDash buoyed hopes that IPO and M&A dealmaking could be thawing in May after a wrenching month of uncertainty in April.

Thanks in part to actions taken by two of the largest banks in the US, branch closings accelerated sharply on a sequential basis in the first quarter.