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Sector Update: Financial Stocks Decline Late Afternoon
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Sector Update: Financial Stocks Decline Late Afternoon
Oct 27, 2024 5:50 PM

03:43 PM EDT, 10/23/2024 (MT Newswires) -- Financial stocks fell in late Wednesday afternoon trading with the NYSE Financial Index down 0.2% and the Financial Select Sector SPDR Fund (XLF) off 0.1%.

The Philadelphia Housing Index shed 0.3%, and the Real Estate Select Sector SPDR Fund (XLRE)rose 0.9%.

Bitcoin (BTC-USD) fell 2.1% to $65,950, while the yield for 10-year US Treasuries gained 3.8 basis points to 4.242%.

In economic news, the pace of US existing-home sales fell 1% to a 3.84 million seasonally adjusted annual rate in September from 3.88 million in August, data from the National Association of Realtors showed. The average forecast was 3.88 million in a survey compiled by Bloomberg.

In corporate news, CoStar ( CSGP ) shares slumped 6.4%. The company reported a decline in Q3 non-GAAP earnings, and the increase in sales trailed expectations. CoStar ( CSGP ) cut its full-year revenue guidance, missing forecasts.

La Rosa (LRHC) shares more than doubled. The company reported preliminary nine-month revenue more than doubled to $45 million from a year earlier.

Goldman Sachs ( GS ) and Apple ( AAPL ) were ordered by the Consumer Financial Protection Bureau to pay $89 million for alleged breakdowns in customer service and misrepresentations that impacted hundreds of thousands of Apple Card users, the agency said. Goldman shares fell 0.3%, and Apple ( AAPL ) dropped 2.3%.

New York Attorney General Letitia James is investigating Capital One Financial's ( COF ) planned acquisition of Discover Financial Services ( DFS ) , Bloomberg reported. Capital One shares fell 1% and Discover Financial dropped 0.5%.

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