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Sector Update: Financial Stocks Decline in Late Afternoon Trading
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Sector Update: Financial Stocks Decline in Late Afternoon Trading
Jun 4, 2024 1:14 PM

03:46 PM EDT, 06/04/2024 (MT Newswires) -- Financial stocks were lower in late Tuesday afternoon trading, with the NYSE Financial Index decreasing 0.8% and the Financial Select Sector SPDR Fund (XLF) off 0.5%.

The Philadelphia Housing Index slumped 2%, and the Real Estate Select Sector SPDR Fund (XLRE) rose 1.2%.

Bitcoin (BTC-USD) climbed 1.6% to $70,279, and the yield for 10-year US Treasuries dropped 7.2 basis points to 4.33%.

In economic news, US job openings fell to 8.059 million in April, according to the Bureau of Labor Statistics, compared with the 8.35 million expected in a survey compiled by Bloomberg and below the 8.355 million reported in March.

Redbook US same-store sales in the week ended June 1 rose 5.8% from a year earlier following a 6.3% gain in the previous week.

New orders for US factory goods rose 0.7% in April, above expectations for a 0.6% increase in a survey compiled by Bloomberg but in line with the rise in March.

In corporate news, Citizens Financial Group ( CFG ) recently hired a slew of wealth advisers to its wealth-management business to attract ultra-high-net-worth clients and plans more, Chief Executive Bruce Van Saun told Bloomberg Tuesday in an interview. Its shares were falling 1.5%.

Intercontinental Exchange ( ICE ) and FundGuard will collaborate to provide asset managers and owners and fund administrators with integrated access to ICE's data via FundGuard's investment-accounting solutions. Intercontinental Exchange ( ICE ) shares added 1%.

Arch Capital ( ACGL ) has been executing "cycle management" better than its peers, and is expected to continue to do so, BofA Securities said in a note Tuesday. BofA raised its price objective for Arch to $119 from $109, while keeping the buy rating. Arch shares were down 1.2%.

Deutsche Bank ( DB ) and Bitpanda said they expanded their partnership, allowing the crypto broker's users in Germany to use the bank's real-time payment solutions for incoming and outgoing transactions. Deutsche shares were shedding 2.8%.

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