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Sector Update: Financial Stocks Retreat Late Afternoon
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Sector Update: Financial Stocks Retreat Late Afternoon
Jan 7, 2025 1:12 PM

03:45 PM EST, 01/07/2025 (MT Newswires) -- Financial stocks fell in late Tuesday afternoon trading with the NYSE Financial Index easing and the Financial Select Sector SPDR Fund (XLF) both shedding 0.4%.

The Philadelphia Housing Index fell 1.4%, and the Real Estate Select Sector SPDR Fund (XLRE) dropped 0.9%.

Bitcoin (BTC-USD) declined 5.8% to $96,324, while the yield on 10-year US Treasuries advanced 4.8 basis points to 4.684%.

In economic news, US job openings rose to 8.098 million in November, according to the Bureau of Labor Statistics, above the 7.74 million openings expected in a survey compiled by Bloomberg.

The Institute for Supply Management's US services index rose to 54.1 in December from 52.1 in November, compared with expectations for a smaller increase to a 53.5 in a survey compiled by Bloomberg.

In corporate news, Cushman & Wakefield ( CWK ) , Camden Property Trust ( CPT ) and Blackstone's (BX) LivCor are among landlords facing a lawsuit filed by the US Department of Justice for allegedly participating in an algorithmic pricing scheme. Cushman shares fell 4.1%, Camden dropped 2.5%, and Blackstone shed 2.2%.

Blackstone-managed (BX) private equity funds agreed to buy a stake in Citrin Cooperman Advisors from private equity firm New Mountain Capital for an undisclosed price.

GFL Environmental ( GFL ) agreed to sell a majority stake in its environmental services business to funds managed by affiliates of Apollo Global Management ( APO ) and BC Partners for 8 billion Canadian dollars ($5.59 billion). Apollo shares fell 4%, and GFL shed 1.3%.

Ryan Specialty Holdings ( RYAN ) agreed to buy Velocity Risk Underwriters from funds managed by Oaktree Capital Management for $525 million in upfront cash, subject to adjustments. Ryan shares declined 1.7%.

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