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Sector Update: Financial Stocks Mixed Late Afternoon
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Sector Update: Financial Stocks Mixed Late Afternoon
Oct 18, 2024 1:35 PM

03:45 PM EDT, 10/18/2024 (MT Newswires) -- Financial stocks were mixed in late Friday afternoon trading with the NYSE Financial Index up 0.1% and the Financial Select Sector SPDR Fund (XLF) little changed.

The Philadelphia Housing Index climbed 1.1%, and the Real Estate Select Sector SPDR Fund (XLRE) rose 0.4%.

Bitcoin (BTC-USD) gained 2% to $68,744, and the yield for 10-year US Treasuries shed 2.3 basis points to 4.073%.

In economic news, housing starts eased 0.5% to a seasonally adjusted annual rate of 1.35 million units in September from the revised 1.36 million print the month prior, the Census Bureau and the Department of Housing and Urban Development said. The latest data was largely in line with the consensus in a survey compiled by Bloomberg.

In corporate news, BlackRock ( BLK ) and its digital assets securities brokerage partner Securitize are in talks with some global cryptocurrency exchanges about using the investment manager's BUIDL token as collateral for derivatives trades, Bloomberg reported. BlackRock ( BLK ) shares added 0.3%.

American Express' ( AXP ) Q3 results increased but revenue trailed estimates, while the company lifted its full-year earnings outlook. The shares fell 3.1%.

Comerica ( CMA ) shares jumped 4.1% after Q3 adjusted earnings topped estimates. The company plans to buy back $100 million of shares starting in Q4.

Erie Indemnity ( ERIE ) shares face a potential downside risk of 35% to 55% amid concerns about the sustainability of its 25% management fee collected on Erie Insurance Exchange-written premiums, short seller Spruce Point Capital Management said. Erie Indemnity ( ERIE ) shares were shedding 0.3%.

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