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Sector Update: Financial Stocks Decline Tuesday Afternoon
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Sector Update: Financial Stocks Decline Tuesday Afternoon
Sep 26, 2024 1:20 AM

02:01 PM EDT, 09/24/2024 (MT Newswires) -- Financial stocks fell in Tuesday afternoon trading, with the NYSE Financial Index shedding 0.5% and the Financial Select Sector SPDR Fund (XLF) off 1%.

The Philadelphia Housing Index declined 0.5%, and the Real Estate Select Sector SPDR Fund (XLRE) rose 0.2%.

Bitcoin (BTC-USD) gained 0.2% to $63,398, and the yield for 10-year US Treasuries climbed 1 basis point to 3.75%.

In economic news, the Conference Board's measure of consumer confidence fell to 98.7 in September from 105.6 in August, below the 104 expected in a survey compiled by Bloomberg.

The Richmond Fed's monthly manufacturing index fell to minus 21 in September from minus 19 in August, compared with expectations for an increase to minus 12 in a survey compiled by Bloomberg.

In corporate news, Visa (V) shares dropped 4.5%. The company will face a US Justice Department lawsuit as soon as Tuesday alleging it illegally monopolized the debit card market in the US, Bloomberg reported.

Invitation Homes ( INVH ) has agreed to a $48 million settlement with the Federal Trade Commission for an array of alleged unlawful actions against its tenants, the regulator said Tuesday. Invitation shares were falling 2%.

First Citizens BancShares (FCNCA) faces pressure on net interest income growth amid the prospects of more rate cuts by the Federal Reserve, Wedbush said. Wedbush downgraded the stock to neutral from outperform. First Citizens shares fell 3.5%.

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