Sector Update: Financial Stocks Mixed Monday Afternoon
Financial stocks were mixed in Monday afternoon trading, with the NYSE Financial Index decreasing 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.2%.The Philadelphia Housing Index was falling 2.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 1.6%.Bitcoin (BTC-USD) was declining 1.5% to $63,882, and the yield for 10-year US Treasuries was rising 4 basis points to 4.70%.In sector news, Nvidia (NVDA) is working with some of the world's largest financial firms to build a $500 billion funding package for AI infrastructure development, the Financial Times reported. Apollo Global Management (APO), Blackstone (BX), BlackRock's (BLK) Global Infrastructure Partners, Brookfield Asset Management (BAM), Goldman Sachs (GS) and KKR (KKR) are among the companies that have joined the consortium in partnership with Nvidia, the report said.In corporate news, BlackRock has signed a deal with labor unions to secure construction jobs for new data centers and energy projects, Bloomberg reported. BlackRock and its $30 billion joint venture with Microsoft (MSFT) and other large tech companies will provide details about upcoming projects with North America's Building Trades Unions, the report said. BlackRock shares were down 0.7%.Robinhood (HOOD) said it will begin rolling out cryptocurrency trading to eligible UK customers this week, allowing them to trade digital assets through its app, Bloomberg reported. Robinhood shares added 1%.Globe Life (GL) shares added 0.1% after it said Monday its board has approved the buyback of up to $2.5 billion of common stock under its existing buyback plan, effective Aug. 15.
