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Sector Update: Financial Stocks Mixed Late Afternoon
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Sector Update: Financial Stocks Mixed Late Afternoon
Jul 1, 2024 1:10 PM

03:52 PM EDT, 07/01/2024 (MT Newswires) -- Financial stocks were mixed in late Monday afternoon trading with the NYSE Financial Index fractionally lower and the Financial Select Sector SPDR Fund (XLF) up 0.2%.

The Philadelphia Housing Index fell 2.6%, and the Real Estate Select Sector SPDR Fund (XLRE) dropped 1.1%.

Bitcoin (BTC-USD) gained 1.1% to $63,332, and the yield for 10-year US Treasuries jumped 14 basis points to 4.48%.

In economic news, the Institute for Supply Management's US manufacturing index fell to 48.5 in June from 48.7 in May, compared with expectations for 49.1 in a survey compiled by Bloomberg. ISM said demand remained weak and output declined.

US construction spending declined 0.1% in May, compared with a 0.2% increase expected in a Bloomberg survey and an upwardly revised 0.3% increase in April.

The S&P Global US manufacturing index for June was downwardly revised to 51.6 from the flash reading of 51.7, compared with expectations for no revision in a survey compiled by Bloomberg.

In other news, the president of the US is entitled to a "presumptive" immunity from prosecution for all of his official acts and none for his unofficial acts, the Supreme Court ruled in Trump vs US, in which the federal government charged the former president criminally for attempting to reverse the 2020 election results.

In corporate news, Interactive Brokers ( IBKR ) shares rose 3.4% after daily average revenue trades in June rose 26% from a year earlier.

Webster Financial ( WBS ) and Marathon Asset Management are close to forming a private credit partnership, Bloomberg reported Monday. Webster shares rose 1.6%.

Coinbase (COIN) shares popped nearly 6% after the firm said that the US Marshals Service has chosen its platform, known as Coinbase Prime, to safeguard and trade the agency's class 1 digital assets.

Robinhood (HOOD) said Monday it has acquired Pluto Capital, an AI-powered investment research platform, for an undisclosed sum. Robinhood shares were fractionally lower.

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