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Sector Update: Financial Stocks Decline Late Afternoon

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Financial stocks were lower in late Monday afternoon trading, with the NYSE Financial Index down 0.8% and the State Street Financial Select Sector SPDR ETF (XLF) declining 0.5%.

The Philadelphia Housing Index was falling 2.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was off 0.6%.

Bitcoin (BTC-USD) was rising 0.8% to $65,190, and the yield for 10-year US Treasuries climbed 5.7 basis points to 4.598%.

In economic news, the Conference Board's measure of leading indicators declined by 0.2% in June, larger than the 0.1% decrease expected in a Bloomberg-compiled survey, following a 0.1% increase in May.

In corporate news, Truist Financial (TFC) shares fell 3.3% after JPMorgan downgraded the stock to underweight from neutral and lowered its price target to $53 from $53.50.

LXP Industrial Trust (LXP) has agreed to be acquired by Brookfield Asset Management (BAM) and Canada Pension Plan Investment Board in a deal worth roughly $5.2 billion, including net debt and preferred equity. LXP shares rose 4.2%, and Brookfield was down 1.8%.

BlackRock (BLK) is attempting to sell over $12 billion in bonds to finance a data center in El Paso, Texas, Bloomberg reported. BlackRock shares were down 1.5%.

KKR (KKR) and Vauban Infrastructure Partners are among the shortlisted suitors seeking to buy a majority stake in Portuguese fiber operator DStelecom, Bloomberg reported. KKR shares fell 4.1%.

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