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Sector Update: Financial Stocks Slipping Monday Afternoon
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Sector Update: Financial Stocks Slipping Monday Afternoon
Apr 15, 2024 11:16 AM

01:50 PM EDT, 04/15/2024 (MT Newswires) -- Financial stocks fell in Monday afternoon trading with the NYSE Financial Index dropping 0.6% and the Financial Select Sector SPDR Fund (XLF) shedding 0.3%.

The Philadelphia Housing Index declined 1.3%, and the Real Estate Select Sector SPDR Fund (XLRE) slumped 1.6%.

Bitcoin (BTC-USD) fell 2.5% to $64,155, and the yield for 10-year US Treasuries jumped 12.5 basis points to 4.624%.

In economic news, US retail sales last month rose more than expected on a sequential basis as spending at gasoline stations and miscellaneous stores rebounded, Census Bureau data showed. Sales increased 0.7% in March following February's upwardly revised 0.9% gain. Analysts were modeling for a 0.4% increase, according to a consensus survey compiled by Bloomberg.

In corporate news, Goldman Sachs' ( GS ) Q1 results increased from a year earlier, topping market expectations while driven by double-digit gains in investment banking fees. Goldman shares gained 3%.

Charles Schwab ( SCHW ) reported smaller-than-expected declines in Q1 earnings as asset management and bank deposit fee growth and lower expenses helped counter weakness in net interest and trading revenue. Its shares added 1.8%.

Medical Properties Trust (MPW) shares jumped 18% after the company said late Friday it sold its majority stake in five Utah hospitals to a new joint venture with an investment fund linked to an unnamed asset manager.

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