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Sector Update: Financial Stocks Easing Late Afternoon
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Sector Update: Financial Stocks Easing Late Afternoon
Jun 10, 2024 1:13 PM

03:51 PM EDT, 06/10/2024 (MT Newswires) -- Financial stocks were slipping in late Monday afternoon trading, with the NYSE Financial Index fractionally lower and the Financial Select Sector SPDR Fund (XLF) off 0.5%.

The Philadelphia Housing Index was adding 0.9%, and the Real Estate Select Sector SPDR Fund (XLRE) gained 0.6%.

Bitcoin (BTC-USD) eased 0.1% to $69,699, and the yield for 10-year US Treasuries was rising 3.9 basis points to 4.47%.

In economic news, the central bank's Federal Open Market Committee is widely expected to hold its benchmark lending rate steady on Wednesday, according to the CME FedWatch Tool. The focus, however, will be on the FOMC's updated Summary of Economic Projections.

Official data on May consumer inflation in the US are scheduled to be released Wednesday, while the producer prices report is slated for a Thursday release.

In corporate news, Prudential Financial ( PRU ) is facing a lawsuit for allegedly failing to protect the personal information of about 36,545 individuals following a cybersecurity breach in early February, according to a court filing Friday. Prudential shares shed 0.3%.

Virtu Financial ( VIRT ) shares rose 11% after the company said its VFH Parent and Valor Co-Issuer subsidiaries plan to offer $500 million in senior first lien notes due 2031 in a private offering.

Blackstone's (BX) Blackstone Real Estate and MRP Group said Monday they started a tender offer for up to 100% of Terrafina's real estate trust certificates at 38.50 Mexican pesos ($2.08) per certificate. Blackstone shares added 1.6%.

Huntington Bancshares ( HBAN ) dropped 5.9%. The company said it now expects 2024 net interest income to fall 1% to 4% from a year earlier, compared with its prior range of 2% fall to 2% growth.

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