Sector Update: Financial Stocks Decline Late Afternoon
Financial stocks fell in late Monday afternoon trading with the NYSE Financial Index dropping 0.8% and the State Street Financial Select Sector SPDR ETF (XLF) declining 0.9%.The Philadelphia Housing Index fell 1.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) dropped 0.8%.Bitcoin (BTC-USD) rose 2.3% to $64,279, and the yield for 10-year US Treasuries climbed 2.8 basis points to 4.724%.In economic news, the National Association of Home Builders' monthly housing market index rose to 35 in August from 34 in July, compared with expectations for a decline to 33 in a Bloomberg poll.The New York Federal Reserve's Empire State manufacturing index rose to 20.6 in August from 15.6 in July, compared with an expected drop to 10.0 in a Bloomberg survey. The Empire State index is the first manufacturing sector reading for August and suggests expansion is picking up pace.In corporate news, Blue Ridge Bankshares (BRBS) shares gained 8.3% after the company agreed to be acquired by HomeTrust Bancshares (HTB) in an all-stock deal valued at $448.1 million. HomeTrust shares fell 5%.JPMorgan Chase (JPM) was selected by General Atlantic to lead its initial public offering, multiple news outlets reported. JPMorgan shares fell 0.3%.Ares Management (ARES) is set to take control of UK broadband provider Toob and inject fresh equity into the struggling company backed by the UK's National Wealth Fund, Bloomberg reported. Ares shares shed 1.8%.Barclays (BCS) appointed Mike Joo and Adeel Khan as co-CEOs of its investment Bank, effective February. Barclays shares fell 1.1%.
