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Sector Update: Financial Stocks Decline Tuesday Afternoon
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Sector Update: Financial Stocks Decline Tuesday Afternoon
Oct 2, 2024 10:29 PM

01:47 PM EDT, 10/01/2024 (MT Newswires) -- Financial stocks fell in Tuesday afternoon trading, with the NYSE Financial Index shedding 0.8% and the Financial Select Sector SPDR Fund (XLF) down 0.5%.

The Philadelphia Housing Index dropped 0.5%, and the Real Estate Select Sector SPDR Fund (XLRE) declined 0.9%.

Bitcoin (BTC-USD) fell 3.1% to $61,606, and the yield for 10-year US Treasuries slumped 7.4 basis points to 3.73%.

In economic news, US job openings rose to 8.04 million in August, according to the Bureau of Labor Statistics, higher than the 7.673 million expected in a survey compiled by Bloomberg.

The Institute for Supply Management's US manufacturing index was unchanged in September from the 47.2 reading in August, compared with expectations for an increase to 47.5 in a survey compiled by Bloomberg.

In corporate news, Charles Schwab ( SCHW ) shares fell 1.4% after the company said Walt Bettinger will retire as chief executive at the end of the year as part of a multiyear succession plan.

Paychex ( PAYX ) reported higher-than-expected fiscal Q1 results and reiterated its top- and bottom-line guidance for the full year on Tuesday. Its shares jumped 5.1%.

Barclays ( JJCTF ) shares fell 3%. The Commodity Futures Trading Commission said Tuesday that the bank will pay a $4 million penalty for violations of swap reporting rules.

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