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Sector Update: Financial Stocks Softer Monday Afternoon
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Sector Update: Financial Stocks Softer Monday Afternoon
Jul 29, 2024 11:08 AM

01:50 PM EDT, 07/29/2024 (MT Newswires) -- Financial stocks fell in Monday afternoon trading with the NYSE Financial Index down 0.3% and the Financial Select Sector SPDR Fund (XLF) off 0.1%.

The Philadelphia Housing Index gained 0.3%, and the Real Estate Select Sector SPDR Fund (XLRE) rose 0.2%.

Bitcoin (BTC-USD) fell 1.2% to $66,961, and the yield for 10-year US Treasuries declined 2.6 basis points to 4.17%.

In economic news, the Dallas Fed's monthly manufacturing index fell to minus 17.5 in July from minus 15.1 in June, compared with expectations for minus 15.5 in a survey compiled by Bloomberg.

In corporate news, Enstar ( ESGR ) shares tumbled 6.4%. The company agreed to be taken private by a Sixth Street-led consortium in a $5.1 billion deal.

Hope Bancorp ( HOPE ) shares fell 3.1% as the company reported Q2 revenue that missed analysts' estimates.

NatWest Group ( NWG ) is suing mortgage finance firm Credit Management & Investor Solutions, formerly General Motors Acceptance, for 155 million euros ($168 million) plus interest due to alleged failed securitization deals from the pre-financial crisis period, the Financial Times reported. NatWest ( NWG ) shares rose 1.3%.

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