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Sector Update: Financial Stocks Retreat Late Afternoon
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Sector Update: Financial Stocks Retreat Late Afternoon
Sep 11, 2024 4:55 AM

03:34 PM EDT, 09/10/2024 (MT Newswires) -- Financial stocks were lower in late Tuesday afternoon trading, with the NYSE Financial Index shedding 0.7% and the Financial Select Sector SPDR Fund (XLF) falling 1%.

The Philadelphia Housing Index was rising 0.3%, while the Real Estate Select Sector SPDR Fund (XLRE) was climbing 1.6%.

Bitcoin (BTC-USD) was up 0.9% to $57,597, and the yield for 10-year US Treasuries was down 5 basis points to 3.65%.

In economic news, government data are likely to show Wednesday that US consumer inflation rose 0.2% sequentially and 2.6% annually last month, according to a Bloomberg-compiled consensus.

In corporate news, Goldman Sachs ( GS ) , which paid a premium to buy General Motors' (GM) credit card business, will likely receive "less than the outstanding balances" from a potential sale of the business, The Wall Street Journal reported Tuesday. Goldman shares were falling 4.5%.

Apollo Global Management's ( APO ) Apollo Asset Management has 10 products in the semi-liquid category and is "selling about $1 billion a month," a company executive said Tuesday at the Barclays annual financial services conference. Apollo Global Management ( APO ) shares were shedding 0.4%.

JPMorgan Chase ( JPM ) shares tumbled 5.2% after Chief Operating Officer Daniel Pinto said that expectations for the bank's 2025 net interest income "are a bit too high," according to a Capital IQ transcript.

UBS (UBS) has built an artificial intelligence tool to help offer potential M&A deals to its clients, Bloomberg reported Tuesday. UBS shares were retreating 1.3%.

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