FINWIRES · TerminalLIVE
FINWIRES

Sector Update: Financial Stocks Softer Late Afternoon

By

Financial stocks fell in late Thursday afternoon trading with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each easing 0.2%.

The Philadelphia Housing Index dropped 0.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) rose 0.8%.

Bitcoin (BTC-USD) gained 0.4% to $75,140, and the yield for 10-year US Treasuries advanced 2.7 basis points to 4.309%.

In economic news, US initial jobless claims last week fell to 207,000 from a downwardly revised 218,000 in the previous week, compared with expectations for a smaller decrease to 213,000 in a survey of analysts by Bloomberg.

US industrial production fell by 0.5% in March, compared with expectations for a 0.1% increase in a Bloomberg survey, and following an upwardly revised 0.7% increase in February.

The Philadelphia Federal Reserve's monthly manufacturing index rose to 26.7 in April after increasing to 18.1 in March, compared with expectations for a decline to 10 in a survey compiled by Bloomberg.

The New York Federal Reserve's services index improved to minus 14 in April from minus 22.6 in March, compared with minus 20 expected in a survey compiled by Bloomberg.

In regulatory news, the US Securities and Exchange Commission is seeking public comment in support of a comprehensive review of the Consolidated Audit Trail and other such audit trails used in the regulation of the country's securities markets.

In corporate news, Charles Schwab's (SCHW) Q1 results rose amid a surge in client assets, even as revenue fell short of Wall Street's estimates. The shares fell 7.7%.

Goldman Sachs (GS) rates-trading business faced pressure in Q1 as Iran-related market volatility led to losses on certain positions, Reuters reported. The bank posted a 10% drop in fixed-income, currencies and commodities revenue to $4 billion, driven by weaker results in interest-rate trading, mortgages, and credit products, the report said. Goldman shares were little changed.

Marsh & McLennan (MRSH) shares climbed 4.6% after the company reported Q1 adjusted net income and revenue that surpassed analysts' estimates.

The National Basketball Association is in early discussions with private credit firms, including Apollo Global Management (APO), Ares Management (ARES) and Sixth Street about funding a potential European basketball league expansion, Bloomberg reported. Apollo shares rose 0.1%, and Ares fell 2.7%.

Related Articles

Wire

Savara Says FDA Extended Review Period for Molgramostim Inhalation Solution Application

Savara (SVRA) said late Wednesday the US Food and Drug Administration has extended the review period for molgramostim biologics license application in autoimmune pulmonary alveolar proteinosis, a rare lung disease, by three months.The new prescription drug user fee act target action date for the inhalation solution is Nov. 22, the company said.The FDA did not cite any efficacy, safety, or manufacturing concerns, the company said, adding that the FDA determined that the responses to recent information requests represented a significant amendment to the application.

$SVRA
Wire

Euroseas Extends EM Kea Charter for Three Years at Higher Daily Rate

Euroseas (ESEA) extended a charter contract for its feeder containership EM Kea by three years at a gross daily rate of $30,000.The charter is set to begin on July 14 and reflects nearly a 60% increase over the vessel's current rate, the company said Wednesday in a statement.Euroseas expects the charter to generate about $22.5 million in EBITDA over the minimum contracted period.The company's shares fell 2% in after-hours trading.

$ESEA
Wire

Voyager Wins NASA Order for Seventh Private Astronaut Mission to International Space Station

Voyager Technologies (VOYG) said late Wednesday it has signed an order with National Aeronautics and Space Administration for the seventh private astronaut mission to the International Space Station, with a launch planned no earlier than 2028.The mission, dubbed VOYG-1, supports NASA's strategy to shift low-Earth orbit operations to the private sector by enabling commercial partners to deliver human spaceflight services, the company said.

$VOYG