Sector Update: Financial Stocks Softer Late Afternoon
Financial stocks fell in late Monday afternoon trading with the NYSE Financial Index shedding 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) decreasing 0.2%.The Philadelphia Housing Index lost 0.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1.4%.Bitcoin (BTC-USD) shed 3% to $71,366, and the yield for 10-year US Treasuries rose 2.2 basis points to 4.475%.In economic news, the Institute for Supply Management's US manufacturing index rose to 54.0 in May from 52.7 in April, compared with expectations for 53.0 in a survey compiled by Bloomberg.The S&P Global US manufacturing index for May was revised down to 55.1 from the flash 55.3, compared with expectations of no revision in a Bloomberg survey.US construction spending rose 0.4% in April, versus a 0.3% increase expected in a survey compiled by Bloomberg and following a downwardly revised 0.2% increase in March.In corporate news, Wise (WSE) shares fell 5.2% after the company said it is cooperating with the Brussels prosecutor's office following press reports that it is being probed over its compliance with anti-money laundering rules.BlackRock (BLK) launched a $25 million request for proposals under its $100 million Future Builders initiative to support the skilled trades workforce in the US. BlackRock shares fell 2.7%.Canadian Imperial Bank of Commerce (CM) shares fell 2.5% after Scotiabank downgraded the stock to sector-perform from sector outperform.BCB Bancorp (BCBP) appointed veteran banking executive Thomas O'Brien as CEO and president, effective immediately. The shares jumped 9.4%.
