U.S. financial markets are experiencing significant declines, with the Financial Select Sector SPDR Fund ($XLF) hitting a ten-day low. The fund has seen a 50% increase over the last twelve months, but recent trading indicates a bearish trend, as analysts note a bearish engulfing pattern forming in the $XLF. The financial sector is currently leading the market's downturn, with reports of new lows being reached in the fund's performance.