Sector Update: Financial Stocks Softer Monday Afternoon
Financial stocks were lower in Monday afternoon trading, with the NYSE Financial Index shedding 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) decreasing 0.5%.The Philadelphia Housing Index was down 0.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1%.Bitcoin (BTC-USD) was declining 2.9% to $71,425, and the yield for 10-year US Treasuries rose 2.8 basis points to 4.48%.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 a smaller increase to a 53.0 reading 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-compiled survey.US construction spending rose by 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 4.7% 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.BCB Bancorp (BCBP) has appointed veteran banking executive Thomas O'Brien as president and chief executive officer, effective immediately, the company said. BCB Bancorp shares jumped 7.4%.Bogota Financial (BSBK) has agreed to merge GSL Savings Bank into Bogota Savings Bank, creating a combined institution with about $1 billion in assets, the companies said Monday. Bogota Financial shares rose 1.6%.
