Sector Update: Financial Stocks Gain Late Afternoon
Financial stocks were advancing in late Thursday afternoon trading, with the NYSE Financial Index rising 1.4% and the State Street Financial Select Sector SPDR ETF (XLF) adding 1.5%.The Philadelphia Housing Index was up 0.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) rose 1.1%.Bitcoin (BTC-USD) popped 5.5% to $81,564, and the yield for 10-year US Treasuries fell 3.4 basis points to 4.762%.In economic news, Federal Reserve Governor Christopher Waller said Thursday he would support keeping interest rates steady if further signs of disinflation emerge, though he seemed willing to tighten monetary policy if price pressures intensify.The probability of the Fed raising its target rate by 25 basis points to 3.75%-4.0% in September slumped to 50% after midday Thursday from 63% a day ago, according to the CME FedWatch tool. The remaining likelihood is that policy will remain on hold.The Institute for Supply Management's US services index rose to a reading of 55.4 in August from 54.1 in July, compared with expectations for no change in a survey compiled by Bloomberg.The S&P Global US services index was revised downwards to 56.5 in August from the 56.8 flash reading, as expected in a survey compiled by Bloomberg.In corporate news, Jefferies Financial-linked (JEF) fund LAM Trade Finance Group II has secured a worldwide freezing order from the UK High Court against iron ore trader Radiant World and its founder Pinkesh Nahar, media outlets reported. Jefferies shares were up 1.9%.Equity Bancshares (EQBK) has agreed to buy Lincoln Bancorp in a deal valued at $123.8 million, the companies said. Equity Bancshares gained 2.8%.UBS (UBS) is facing renewed scrutiny from the US Senate over Credit Suisse's handling of Nazi-linked accounts, with the Senate Judiciary Committee seeking responses after determining the bank had not fully addressed its earlier requests, Bloomberg reported. UBS shares were up 1.3%.Carlyle (CG), Bain Capital, Oaktree, and Nextalia are among the firms preparing to bid for a minority interest in a company holding the international media rights of Italy's Serie A soccer league, Reuters reported. Carlyle shares added 0.9%.
