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Sector Update: Financial Stocks Slipping Late Afternoon
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Sector Update: Financial Stocks Slipping Late Afternoon
Apr 29, 2024 1:17 PM

03:46 PM EDT, 04/29/2024 (MT Newswires) -- Financial stocks declined in late Monday afternoon trading, with the NYSE Financial Index shedding 0.2% and the Financial Select Sector SPDR Fund (XLF) down 0.3%.

The Philadelphia Housing Index added 0.3%, and the Real Estate Select Sector SPDR Fund (XLRE) was 0.7% higher.

Bitcoin (BTC-USD) decreased 1.6% to $62,737.7, and the yield for 10-year US Treasuries fell 4.1 basis points to 4.63%.

In economic news, the Dallas Fed's monthly manufacturing index declined to minus 14.5 in April from minus 14.4 in March, compared with expectations for an increase to minus 11.3 in a survey compiled by Bloomberg.

In corporate news, Fulton Financial ( FULT ) shares jumped 7.5% after it said late Friday that it acquired substantially all of the assets and deposits of Republic First Bank from the Federal Deposit Insurance Corp. via its subsidiary Fulton Bank.

UMB Financial ( UMBF ) agreed to buy Heartland Financial (HTLF) for $2 billion in stock to expand in California, Minnesota, New Mexico, Iowa and Wisconsin. UMB Financial ( UMBF ) shares fell 5.7%, and Heartland surged 16.6%.

SoFi Technologies' ( SOFI ) current-quarter revenue guidance missed Wall Street's estimates as the company continued to take a conservative approach to loan originations, while it reported stronger-than-expected Q1 results. Its shares tumbled 10.4%.

Globe Life ( GL ) shares were 3.7% higher after the company said Monday its board has authorized up to $1.3 billion in stock buybacks until Dec. 31, 2025 under its share repurchase plan.

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