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Sector Update: Financial Stocks Decline Friday

Financial stocks declined Friday with the NYSE Financial Index decreasing 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) falling 1.1%.The Philadelphia Housing Index was little changed, and the State Street Real Estate Select Sector SPDR ETF (XLRE) rose 0.2%.Bitcoin (BTC-USD) rose 1.8% to $73,058, and the yield for 10-year US Treasuries rose 2.4 basis points to 4.317%.In economic news, US consumer inflation in March accelerated to its highest monthly reading in almost four years as the Middle East conflict drove energy prices higher. The consumer price index advanced 0.9% last month, the fastest pace of growth since June 2022, Bureau of Labor Statistics data showed, matching expectations from a Bloomberg survey of analysts. Prices rose 0.3% in February. Annually, inflation rose to 3.3% versus February's 2.4% increase, falling short of Wall Street's 3.4% projection.US consumer sentiment in April fell to the lowest ever, reflecting heightened worries about higher prices and the overall economic fallout from the Middle East conflict, the University of Michigan's preliminary survey showed. The main sentiment index plunged about 11% to 47.6 from March. Wall Street expected 51.5 print, according to a Bloomberg poll.In corporate news, KKR (KKR) and EQT AB are among private equity firms showing takeover interest in PolyPeptide Group, Bloomberg reported. KKR shares dropped 1.7%.Ares Management (ARES) is planning to launch a flagship US direct lending fund with a preliminary target of $20 billion, smaller than its previous record-breaking investment vehicle of $33.6 billion, Bloomberg reported. Ares shares fell 4.1%.Fair Isaac (FICO) shares dropped 14% after Barclays cut its price target on the stock to $1,950 from $2,400 while maintaining its overweight rating.Blackstone (BX) is mulling an initial public offering that could raise $2 billion for a firm that will acquire data centers, Bloomberg reported. Blackstone shares fell 1.8%.

$ARES$BX$FICO$KKR

Sectors66d ago

Sector Update: Financial Stocks Slipping Friday Afternoon

Financial stocks were lower Friday afternoon, with the NYSE Financial Index decreasing 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) falling 1.2%.The Philadelphia Housing Index was down 0.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was little changed.Bitcoin (BTC-USD) was increasing 1.5% to $72,873, and the yield for 10-year US Treasuries rose 2.6 basis points to nearly 4.32%.In economic news, US consumer inflation accelerated to its highest monthly reading in nearly four years in March as the Middle East conflict sent energy prices sharply higher. The consumer price index advanced 0.9% last month, its strongest pace of growth since June 2022, the Bureau of Labor Statistics reported Friday. The latest print met a Bloomberg-polled consensus view. Prices rose 0.3% in February. Annually, inflation grew to 3.3% from February's 2.4% rise, falling short of Wall Street's 3.4% projection.US consumer sentiment hit the lowest on record this month, reflecting heightened worries about higher prices and the overall economic fallout from the Middle East conflict, University of Michigan's preliminary survey showed Friday. The main sentiment index plunged about 11% to 47.6 in April from March. That's the lowest print on record, BMO Capital Markets said in a note. Wall Street expected a 51.5 print, according to Bloomberg's poll.In corporate news, Ares Management (ARES) is planning to launch a flagship US direct lending fund with a preliminary target size of roughly $20 billion, significantly smaller than its previous record-breaking investment vehicle of $33.6 billion, Bloomberg reported. Ares shares fell past 5%.Fair Isaac (FICO) shares dropped 13% after Barclays cut its price target on the stock to $1,950 from $2,400 while maintaining its overweight rating.Blackstone (BX) is mulling an initial public offering that could raise $2 billion for a firm that will acquire data centers, Bloomberg reported. Blackstone shares were down 2.3%.

$ARES$BX$FICO

Sectors66d ago

Sector Update: Financial

$FICO

Asia Markets66d ago

US Equity Indexes Mixed Amid Anticipated Iran Peace Talks, Expected Hot Inflation

US equity indexes were mixed in Friday's midday trading as a fragile Iran truce looked set to hold until peace talks begin in Pakistan on Saturday, while a red-hot inflation read was in line with the outlook.The Nasdaq Composite rose 0.3% to 22,887.1, while the S&P 500 fell 0.2% to 6,814.3 and the Dow Jones Industrial Average slid 0.6% to 47,881.5. Technology and materials were among the gainers, while consumer staples, health care, and financials led the decliners.A key aim of the Iran peace talks in Islamabad is to fully reopen the Strait of Hormuz, where President Donald Trump said Thursday that Iran is "doing a very poor job" of letting crude oil pass and cautioned against collecting tolls in the strategic waterway, the report said.Iran's parliament speaker, Mohammad Bagher Ghalibaf, said talks cannot start until the US meets two conditions: a ceasefire in Lebanon and the release of blocked Iranian assets.Vice President JD Vance, setting off for US-Iran talks in Pakistan's capital Islamabad, said Washington is "willing to extend the open hand" in this weekend's negotiations but warned Tehran not to "try to play us," The Wall Street Journal said.Ambassadors from Israel, Lebanon, and the US will hold talks in Washington, DC, on Friday to set the table for future negotiations between Israel and Lebanon, an Israeli official and a source familiar with the talks told CNN. The initial discussions will target an agreement on the agenda for direct negotiations, which Israel said would be aimed at disarming Hezbollah and establishing "peaceful relations" between the two countries.West Texas Intermediate crude oil futures advanced 1% to $98.92, and Brent crude futures climbed 1.3% to $97.08.In economic news, US consumer inflation accelerated to its highest monthly reading in nearly four years in March as the Middle East conflict sent energy prices sharply higher.The consumer price index advanced 0.9% last month, its strongest pace of growth since June 2022, the Bureau of Labor Statistics reported Friday. The latest print met a Bloomberg-polled consensus view. Prices rose 0.3% in February. Annually, inflation grew to 3.3% from February's 2.4% rise, falling short of Wall Street's 3.4% projection.Energy price growth jumped about 11% sequentially in March, led by a 21% surge in gasoline, accounting for nearly three-quarters of the headline increase, official data showed.US Treasury yields rose, with the 10-year up 2.6 basis points to 4.32% and the two-year climbed 2.5 basis points to 3.81%."The fallout of the US/Israel-Iran war was evident in the March consumer price index," Oxford Economics Lead US Economist Bernard Yaros said in remarks emailed to.In company news, Barclays adjusted its price target for Fair Isaac's (FICO) shares to $1,950 from $2,400 while maintaining its overweight rating. The stock traded down 14% intraday, among the steepest decliners on the SP 500.In precious metals, gold futures fell 0.7% to $4,784.9 and silver futures slipped 0.3% to $76.22.

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