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Sector Update: Financial Stocks Edge Higher Late Afternoon

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Financial stocks were slightly higher in late Friday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each fractionally higher.

The Philadelphia Housing Index was decreasing 0.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.5%.

Bitcoin (BTC-USD) was falling 2.7% to $62,986, and the yield for 10-year US Treasuries climbed 8.2 basis points to 4.745%.

In economic news, US consumer sentiment jumped in July amid broad-based gains across demographic groups, while year-ahead inflation expectations eased, final results of a survey by the University of Michigan showed Friday. The main sentiment index increased nearly 12% sequentially to 55.2 this month. The gauge for current economic conditions jumped to 54.8 from 47.7, while the index of consumer expectations advanced 9.3% to 55.4, according to the survey.

In sector news, Jefferies Financial's (JEF) Point Bonita fund is one of at least two creditors currently reviewing their exposure to Radiant World after two trading houses found invoices or other documents the company provided to banks were not valid, Bloomberg reported. Jefferies shares were down 0.4%.

Coinbase (COIN) shares fell 7.8% on Friday, a day after the company reported lower-than-expected Q2 results.

Apollo Global Management (APO) and KKR (KKR) are facing increased scrutiny from US insurance regulators over fast-growing multi-asset securitization structures that officials say could pose transparency and "circular ownership" risks, the Financial Times reported. Apollo shares were up 3.8%, and KKR was gaining 0.2%.

HSBC (HSBC) said Friday it expects to incur $300 million in restructuring costs and write-offs following its decision to sell its Australian home loans and personal loans portfolio and wind down the remainder of the retail business in the country over the next 18 months. Separately, HSBC has held early talks to transfer billions of pounds of assets from its UK pension scheme to insurers after being approached by potential buyers, Bloomberg reported. HSBC shares were down 0.6%.

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Sector Update: Energy Stocks Higher Late Afternoon

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$BP$CVX$EMA$GEV$SHEL$XOM
Sectors

Sector Update: Financial Stocks Advance Late Afternoon

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