$MS

57 stories mentioning MS

Every FINWIRES story that references MS, newest first.

Sector Update: Financial Stocks Decline in Afternoon Trading

Financial stocks were lower Monday afternoon, with the NYSE Financial Index falling 1% and the State Street Financial Select Sector SPDR ETF (XLF) off 0.8%.The Philadelphia Housing Index dropped 3.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.7%.Bitcoin (BTC-USD) was increasing 1.9% to $80,023, and the yield for 10-year US Treasuries was rising 7.6 basis points to 4.45%.In economic news, new orders for US factory goods rose by 1.5% in March, above expectations for a 0.6% gain in a Bloomberg-compiled survey, following a revised 0.3% increase in February. Excluding a 0.8% rebound in transportation orders, new orders would have been up 1.6%, above a 1.3% gain expected and the same as in February.In corporate news, American Express Global Business Travel, which is operated by Global Business Travel (GBTG), on Monday agreed to be acquired by Long Lake Management in an all-cash deal worth about $6.3 billion. Global Business Travel shares surged 57%.Blackstone (BX) Digital Infrastructure Trust set its initial public offering at 87.5 million shares with an anticipated price of $20 per share, according to a filing with the Securities and Exchange Commission. Blackstone shares were down 0.9%.JPMorgan Chase (JPM), Morgan Stanley (MS), SMBC and MUFG (MUFG) are exploring ways to distribute data center-related debt to broader investors as AI infrastructure financing strains bank balance sheets, the Financial Times reported. The banks are looking at private loan sales and significant risk transfers, or SRTs, to reduce exposure to large individual borrowers and free up lending capacity, the report said. JPMorgan Chase shares fell 1.4%, Morgan Stanley was shedding 0.9%, and MUFG decreased 0.3%.

$BX$GBTG$JPM$MS$MUFG

Wire46d ago

Morgan Stanley Private Credit Leads $875 Million Senior Debt Financing for Bridgepointe Technologies

Morgan Stanley's (MS) Investment Management business said Wednesday that funds managed by its Private Credit platform have led an $875 million senior debt financing package for Bridgepointe Technologies.The debt financing was provided alongside the creation of a continuation vehicle led by Carlyle AlpInvest, as well as an equity investment from existing investor Charlesbank Capital Partners and Bridgepointe's management, the company said.Price: $187.79, Change: $-2.57, Percent Change: -1.35%

$MS

Insider Trading55d ago

Morgan Stanley Insider Sold Shares Worth $2,120,759, According to a Recent SEC Filing

Eric F Grossman, Chief Legal and Administrative Officer, on April 20, 2026, sold 11,118 shares in Morgan Stanley (MS) for $2,120,759. Following the Form 4 filing with the SEC, Grossman has control over a total of 169,403 common shares of the company, with 169,403 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/895421/000162828026026008/xslF345X05/wk-form4_1776716577.xml

$MS

Treasury55d ago

US Supreme Court Lets Muni Bond Price-Fixing Class Action Proceed Against Major Banks

The US Supreme Court refused to block a class-action suit accusing eight major banks of fixing prices on state and municipal bonds, news outlets reported Monday.The court rejected the banks' appeal and upheld an earlier court decision to certify the class action filed by cities including Baltimore, Philadelphia, and San Diego, according to the reports. The banks involved in the lawsuit are Bank of America, (BAC), JPMorgan Chase (JPM), Citigroup (C), Morgan Stanley (MS), Goldman Sachs Group (GS), Barclays (BCS), Royal Bank of Canada (RY), and Wells Fargo (WFC).The cities claimed that the banks colluded from 2008 to 2016 to raise rates on variable-rate demand bonds, the reports said. The suit is seeking $12 billion in damages, while Bloomberg Intelligence senior litigation analysts said the case could settle for about $770 million, a Bloomberg News report said.The eight banks did not immediately respond to requests for comment from.Price: $53.37, Change: $-0.54, Percent Change: -1.01%

$BAC$BCS$C$GS$JPM$MS$RY$WFC

Insider Trading58d ago

Morgan Stanley Insider Sold Shares Worth $9,744,322, According to a Recent SEC Filing

Andrew M Saperstein, Co-President, on April 16, 2026, sold 51,668 shares in Morgan Stanley (MS) for $9,744,322. Following the Form 4 filing with the SEC, Saperstein has control over a total of 282,142 common shares of the company, with 282,142 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/895421/000162828026025791/xslF345X05/wk-form4_1776458279.xml

$MS

Asia Markets58d ago

US Equity Indexes Rise This Week as Hormuz Chokepoint Reopening Fuels Iran Deal Hopes

US equity indexes rose this week as a time-bound reopening of the Strait of Hormuz followed a truce between Israel and Lebanon, marking a breakthrough in Middle East diplomacy and boosting the probability of an Iran peace deal.* The S&P 500 closed at 7,126.06 on Friday versus 6,816.89 a week ago. The Nasdaq Composite stood at about 24,468.48, compared with 22,902.89 a week earlier, and the Dow Jones Industrial Average ended at 49,447.43, versus 47,916.57 at the end of last week.* Technology, consumer cyclicals, and communication services topped sector charts as geopolitical risk fell and Q1 earnings season began in earnest with financials first to report. Energy was the worst performer as expectations for the Iran deal increased.* President Donald Trump said Thursday that Lebanon and Israel have agreed to a 10-day ceasefire.* "In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran," Iran's foreign minister, Seyed Abbas Araghchi, said in a post on X, formerly Twitter, on Friday.* Trump said Friday the US naval blockade will continue until the Iran deal is "100% complete," CNN reported.* Bloomberg reported Friday that Trump said Iran agreed to suspend its nuclear program indefinitely and will not receive any frozen funds from the US. Trump said in a phone interview that a deal to end the war is mostly complete, according to the report. Talks over a lasting agreement will "probably" be held this weekend, the president was cited as saying. The US-Iran ceasefire ends next week, implying an extension to the truce may not be required.* Morgan Stanley (MS), Citigroup (C), and Bank of America (BAC) were among the biggest gainers in financial services firms with a market capitalization of more than $200 billion, after mega-cap banks kicked off the Q1 earnings season.

Dow JonesNasdaq CompositeS&P 500$BAC$C$MS

US Markets59d ago

Big Banks Delivered Strong Capital Markets Performance in First Quarter, RBC Says

Major US banks delivered stronger-than-expected capital markets revenue in the first quarter amid solid gains in advisory and equities trading, RBC Capital Markets said in a note sent to clients Thursday.The combined capital markets revenue of JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), and Morgan Stanley (MS) climbed nearly 20% year over year, according to the brokerage.Their aggregate advisory revenue soared 68%, led by Goldman, RBC said. Total investment baking fees increased 31% from the year-ago quarter, including a boost from equity capital markets."We saw increased advisory revenues due the large deals announced in 2025 that closed in (the first quarter of 2026) and ECM revenues benefited from increased follow-on and convertible offerings," Gerard Cassidy, co-head of global financials research at RBC, said in the note.Equities trading rallied about 26%, with Citigroup logging the strongest performance and JPMorgan showing the smallest gain among the five banks.The banks' combined fixed income, currencies, and commodities revenue grew 10%, Cassidy said. All five banks except for Goldman achieved year-over-year growth in FICC.The lenders were "cautiously optimistic" about investment banking activity in the near term, factoring in macroeconomic and geopolitical uncertainties, according to the brokerage.The deadline for the expiration of a two-week ceasefire between the US and Iran is close. The White House is optimistic about reaching a deal with Tehran, noting that a potential second round of talks would likely be held in Pakistan. Prior peace negotiations in Islamabad ended without a deal last weekend."Many of the investment banks pointed to solid backlogs in (the first quarter) which we believe could be monetized in less volatile market conditions," Cassidy said. "The longer economic uncertainty and heightened market volatility exist, however, the more difficult it will be for the companies to grow their investment banking revenues."Price: $309.39, Change: $+3.46, Percent Change: +1.13%

$BAC$C$GS$JPM$MS

Wire59d ago

Morgan Stanley Posts 'Strong' Q1 on Trading Strength, Valuation Appears Stretched, Oppenheimer Says

Morgan Stanley (MS) reported a "strong" Q1 driven by trading and investment banking, but Oppenheimer said in a note Thursday the stock's valuation appears stretched relative to its historical levels.Q1 results came in well above its estimates, helped mainly by stronger trading revenue and better investment banking fees, with Morgan Stanley benefiting from strength in equities and select fixed income businesses driven more by business mix than a broader industry shift, Oppenheimer said.Banking revenue improved sharply, supported by advisory, equity underwriting, and debt issuance. The pipeline remained firm and pointed to a gradual recovery ahead. Expenses were broadly in line with expectations despite higher revenue which reflects cost discipline alongside continued investment in talent and technology.Morgan Stanley's capital position remained strong, with share buybacks higher than expected and management indicating that potential regulatory changes could be broadly capital neutral.Oppenheimer kept its perform rating for Morgan Stanley, adding that its current valuation looks elevated relative to history, and said it prefers Jefferies Financial (JEF) over Morgan Stanley for now.Price: $188.24, Change: $-3.38, Percent Change: -1.76%

$JEF$MS

Wire59d ago

Morgan Stanley Likely to Reward Stockholders Through Share Repurchases, Dividend Hikes, RBC Says

Morgan Stanley (MS) is likely to reward shareholders through stock buybacks and dividend hikes, given its excess capital position following robust Q1 results, RBC Capital Markets said in a Wednesday research report.The company's investment services business model with multiple growth engines delivered "outstanding" results in Q1, driven by its premier investment banking and trading businesses, the RBC analysts said.Return on tangible common equity in Q1 expanded to 27.1% from a year earlier, which is a validation of the strategy of connecting institutional securities, wealth management, and investment management into a "unified flywheel" of earnings power, according to the note.The brokerage now expects 2026 and 2027 EPS of $12.10 and $12.80, respectively, from $12 and $12.60 earlier.RBC reiterated its sector perform rating on the stock and the price target of $207 per share.Price: $188.62, Change: $-3.00, Percent Change: -1.57%

$MS

US Markets60d ago

Nasdaq, S&P 500 Hit New Highs Amid US-Iran Peace Talk Prospects

The Nasdaq Composite and the S&P 500 notched record highs on Wednesday, buoyed by hopes that another round of peace talks between the US and Iran will likely result in a deal.The Nasdaq rose 1.6% to 24,016, marking the 11th consecutive one-day gain in a row, while the S&P 500 advanced 0.8% to 7,023. Both are new closing highs. The Dow Jones Industrial Average fell 0.2% to 48,463.7.Most sectors ended in the red, led by materials, while tech saw the biggest gain.Microsoft (MSFT) shares climbed 4.6%, the top gainer on the Dow, with fellow tech majors Salesforce (CRM), Apple (AAPL), and IBM (IBM) among the best performers on the index.Reports suggest Washington and Tehran could return to Pakistan for a second round of talks ahead of the deadline for a two-week ceasefire between the US and Iran. The first round of negotiations in Islamabad ended without a breakthrough."We feel good about the prospects of a deal," White House Press Secretary Karoline Leavitt said Wednesday, CNN reported."Markets have grown more confident that the Middle East crisis is moving toward a resolution, with the US and Iran arranging a second round of talks, and Tehran seemingly willing to halt shipments to avoid testing the US naval blockade," ING Bank said in a report.West Texas Intermediate crude oil was down 0.1% at $91.16 a barrel in Wednesday late-afternoon trade, while Brent gained 0.1% to $94.91.In company news, shares of retail brokers jumped, with Robinhood Markets (HOOD) up 10%, the best performer on the S&P 500. Webull (BULL) jumped 11%, while Interactive Brokers Group (IBKR) rose 3.4%.The rally followed the approval by the US Securities and Exchange Commission of a rule change that would eliminate the $25,000 minimum equity requirement for so-called "pattern day traders."Morgan Stanley (MS) and Bank of America's (BAC) first-quarter results topped Wall Street's estimates. Morgan Stanley's shares climbed 4.5%, while Bank of America rose 1.8%.Snap (SNAP) rallied 7.9%. The social media company plans to lay off about 1,000 employees, or roughly 16% of its full-time workforce, as part of Chief Executive Evan Spiegel's efforts to reduce costs.In economic news, US homebuilder confidence sank this month to the lowest since September amid economic uncertainty, as well as increasing building material costs and interest rates, the National Association of Home Builders and Wells Fargo said."Builder sentiment has fallen back in spring as buyers face ongoing elevated interest rates and growing economic uncertainty," NAHB Chairman Bill Owens said. "The year started with hopes for housing momentum growth, but risks with respect to the Iran war, energy costs, and declines for consumer confidence have slowed the market."US Treasury yields were higher, with the 10-year rate up 2.8 basis points at 4.28% and the two-year rate rising 1.5 basis points to 3.77%.Gold was last down 0.7% at $4,816.50 per troy ounce, while silver fell 0.3% to $79.32 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$BAC$BULL$CRM$HOOD$IBKR$IBM$MS$MSFT$SNAP

Asia Markets60d ago

S&P 500 Hits Record Amid Reports Iran Ceasefire to be Extended to Reach Peace Deal

US equity indexes closed mixed on Wednesday as strong gains in growth sectors pushed the S&P 500 to an all-time high amid speculation that the two-week Iran ceasefire could be extended to find a lasting peace agreement.The Nasdaq Composite advanced 1.6% to 24,016.02. The S&P 500 rose 0.8% to 7,022.95. The Dow Jones Industrial Average, however, slipped 0.2% to 48,463.72.The US and Iran are considering extending their two-week ceasefire to negotiate a peace deal, Bloomberg reported, citing a person familiar with the matter. Mediators are seeking technical talks to overcome the most contentious issues -- the reopening of the Strait of Hormuz and Iran's nuclear program -- preventing an agreement that would extend beyond next week, when an initial truce will expire, the person told Bloomberg.The CBOE Volatility Index, also known as the fear index, fell 1% to 18.17.Trump said the war with Iran was close to over, telling the world to brace for an "amazing two days," as the army chief of mediator Pakistan arrived in Tehran in a bid to prevent a renewed conflict, Reuters reported. Pakistan's military confirmed Field Marshal Asim Munir had arrived in Tehran, the news report said. A senior Iranian source told Reuters that Munir, who had mediated the last round of talks, was heading to Iran "to narrow gaps" between the two sides.West Texas Intermediate crude oil futures fell 0.2% to $91.06, and Brent crude futures were little changed at $94.84. Both the WTI and Brent futures were up as much as 1% earlier in the session.Technology, consumer discretionary, communication services, and financials led gainers in the final leg of trading. Industrials and materials were among the decliners. Except for Amazon.com (AMZN), all the other Magnificent-7 stocks ended higher. Tesla (TSLA) led the pack, with a gain of 7.6%.Tesla has completed the tape-out of its AI5 chip and is advancing development of AI6 and Dojo3, CEO Elon Musk said on X on Wednesday. Tape-out marks the final design stage before a chip is sent to manufacturing.Morgan Stanley (MS) posted stronger-than-expected Q1 results as sharp gains in investment banking and trading activity helped boost revenue to a record.In economic news, the New York Federal Reserve's Empire State manufacturing index rebounded to 11.0 in April from minus 0.2 in March, above the expectations for a 0.0 print in a Bloomberg-compiled survey. The Empire State index is the first manufacturing sector reading for April and suggests a return to expansion.Most US Treasury yields rose, with the 10-year up 2.3 basis points to 4.28% and the two-year higher by one basis point to 3.76%.Meanwhile, the National Association of Home Builders' monthly housing market index fell to 34 in April, its lowest since September 2025, from a revised 38 in March, compared with the 37 forecast in a Bloomberg-compiled poll.In precious metals, gold futures fell 0.7%% to $4,816.1 and silver futures declined 0.3% to $79.32.

Dow JonesNasdaq CompositeS&P 500$AMZN$MS$TSLA

Sectors60d ago

Sector Update: Financial Stocks Mixed Late Afternoon

Financial stocks were mixed in late Wednesday afternoon trading, with the NYSE Financial Index shedding 0.1% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.9%.The Philadelphia Housing Index was falling 2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was decreasing 0.1%.Bitcoin (BTC-USD) was rising 1.5% to $75,233, and the yield for 10-year US Treasuries increased 2.5 basis points to 4.28%In economic news, the New York Federal Reserve's Empire State manufacturing index rebounded to 11.0 in April from minus 0.2 in March, above the expectations for a 0.0 print in a Bloomberg-compiled survey.The National Association of Home Builders' monthly housing market index fell to 34 in April from a revised 38 in March, compared with expectations for 37 in a survey compiled by Bloomberg.In corporate news, Morgan Stanley (MS) plans to raise $10 billion in one of the largest bond sales by a Wall Street bank, following its Q1 results, Bloomberg reported. Morgan Stanley posted stronger-than-expected Q1 results as sharp gains in investment banking and trading activity helped boost revenue to a record. Its shares climbed past 4%.Bank of America's (BAC) Q1 results topped Wall Street's estimates, buoyed by double-digit gains in investment banking and asset management fees, while Chief Executive Brian Moynihan said factors including robust consumer spending indicate a resilient US economy. Its shares rose 2.2%.Pacific Investment Management said it bought the entire $400 million bond issuance from Blue Owl Capital's (OWL) business development company, signaling confidence in a volatile private credit market, Bloomberg reported. Blue Owl Capital shares jumped past 8%.Ares Management (ARES) Chief Executive Michael Arougheti said private credit defaults are relatively contained, with most of the troubles in the sector caused by a lack of liquidity and high interest rates, Reuters reported Wednesday. Ares shares climbed 6%.

$ARES$BAC$MS$OWL

Japan60d ago

US Equity Indexes Mixed Amid Reports Iran Ceasefire May be Extended for Peace Talks

US equity indexes traded mixed ahead of Wednesday's close amid speculation on an extension of the two-week Iran ceasefire, setting the stage for a lasting peace agreement between Washington and Tehran.The Nasdaq Composite advanced 1.5% to 23,991.7 and the S&P 500 rose 0.8% to 7,023.3. The Dow Jones Industrial Average, however, declined 0.2% to 48,453.9.The US and Iran are considering extending their two-week ceasefire to negotiate a peace deal, Bloomberg reported, citing a person familiar with the matter. Mediators are seeking technical talks to overcome the most contentious issues -- the reopening of the Strait of Hormuz and Iran's nuclear program -- preventing an agreement that would extend beyond next week, when an initial truce will expire, the person told Bloomberg.Trump said the war with Iran was close to over, telling the world to brace for an "amazing two days," as the army chief of mediator Pakistan arrived in Tehran in a bid to prevent a renewed conflict, Reuters reported. Pakistan's military confirmed Field Marshal Asim Munir had arrived in Tehran, the news report said. A senior Iranian source told Reuters that Munir, who had mediated the last round of talks, was heading to Iran "to narrow gaps" between the two sides.West Texas Intermediate crude oil futures fell 0.5% to $90.84, and Brent crude futures slipped less than 0.1% lower to $94.75. Both the WTI and Brent futures were up 1% earlier in the session.Technology, consumer discretionary, communication services, and financials led gainers in the final leg of trading. Industrials and materials were among the decliners.In company news, Morgan Stanley (MS) posted stronger-than-expected Q1 results as sharp gains in investment banking and trading activity helped boost revenue to a record.

Dow JonesNasdaq CompositeS&P 500$MS

Wire60d ago

Sector Update: Financial

$MS

Research60d ago

Research Alert: CFRA Upgrades To Strong Buy From Buy Opinion On Shares Of Morgan Stanley

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our $220 target price assuming favorable capital market conditions and using a forward 2026 P/E of 17.7x, vs. the three-year (18.0x) and five-year (15.8x) historical averages. We increase our 2026 EPS estimate by $1.00 to $12.45 and 2027's by $0.60 to $12.85 on project revenue of $77.5B (prior $76.1B) and $80.0B (unchanged), respectively. We think the catalyst for higher growth is transactional within trading and investment banking. MS should also benefit from an elevated equity market that will drive higher fee income and net interest income in its Wealth Management and Investment Management segments. MS confirmed improving market conditions for investment banking advisory activities for equity/debt underwriting and M&A transactions in the pipeline for 2026. We are seeing operating leverage drive wider margins, with AI as a potential input to realize better efficiency ratios. Market risks include high asset prices, tight credit spreads, and uncertainty around the future path of interest rates.

$MS

Wire60d ago

Market Chatter: Morgan Stanley Set to Raise $10 Billion in Bond Sale

Morgan Stanley (MS) plans to raise $10 billion in one of the largest bond sales by a Wall Street bank, following its Q1 results, Bloomberg reported Wednesday, citing a person familiar with the matter.The bank's four-part offering has maturities ranging from 4 to 11 years, the report said. The longest tenured security is set to yield 1.02 percentage points above Treasuries, compared with initial discussions of about 1.25 percentage points, the person told the media outlet.Proceeds will be used for general corporate purposes, according to the report.Morgan Stanley did not immediately respond to a request for comment by.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $191.71, Change: $+8.37, Percent Change: +4.57%

$MS

Wire60d ago

Argus Raises Price Target on Morgan Stanley to $225 From $210

Morgan Stanley (MS) has an average rating of overweight and mean price target of $194.23, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $191.57, Change: $+8.23, Percent Change: +4.49%

$MS

Wire60d ago

Wells Fargo Raises Price Target on Morgan Stanley to $200 From $189

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US Markets60d ago

Equities Mostly Rise Intraday as Trump Reportedly Says War Likely 'Very Close to Over'

US benchmark equity indexes were mostly higher intraday as President Donald Trump reportedly said the Iran was likely "very close to over."The Nasdaq Composite was up 1% at 23,873.7 after midday Wednesday, while the S&P 500 rose 0.4% to 6,998.1. The Dow Jones Industrial Average fell 0.3% to 48,376.9. Among sectors, consumer discretionary and technology paced the gainers, while industrials saw the steepest drop.Microsoft (MSFT) shares were up 4.4%, the top gainer on the Dow, with fellow tech majors Salesforce (CRM), Apple (AAPL), and IBM (IBM) among the best performers on the index.Trump said he sees the US-Israel war with Iran "as very close to over," news outlets reported, citing an interview on Fox Business Network conducted Tuesday and broadcast Wednesday. "We'll see what happens," Trump reportedly said. "I think they want to make a deal very badly."The army chief of mediator Pakistan arrived in Iran to try to prevent a renewal of the conflict, media outlets reported Wednesday."Markets have grown more confident that the Middle East crisis is moving toward a resolution, with the US and Iran arranging a second round of talks, and Tehran seemingly willing to halt shipments to avoid testing the US naval blockade," ING Bank said in a report.Iran's military has threatened to shut down shipping operations in the Red Sea, as well as the Persian Gulf and Sea of Oman if a US blockade of its ports continues, CNN reported.West Texas Intermediate crude oil was up 0.7% at $91.87 a barrel intraday, while Brent gained 0.6% to $95.40.In economic news, US homebuilder confidence sank this month to the lowest since September amid economic uncertainty, as well as increasing building material costs and interest rates, the National Association of Home Builders and Wells Fargo said."Builder sentiment has fallen back in spring as buyers face ongoing elevated interest rates and growing economic uncertainty," NAHB Chairman Bill Owens said. "The year started with hopes for housing momentum growth, but risks with respect to the Iran war, energy costs, and declines for consumer confidence have slowed the market."US Treasury yields were higher intraday, with the 10-year rate up 3.2 basis points at 4.29% and the two-year rate rising 2.1 basis points to 3.78%.In company news, Morgan Stanley (MS) and Bank of America's (BAC) first-quarter results topped Wall Street's estimates. Morgan Stanley's shares were up 4.6%, while Bank of America rose 2.2%.Snap (SNAP) shares jumped 7.6%. The social media company plans to lay off about 1,000 employees, or roughly 16% of its full-time workforce, as part of Chief Executive Evan Spiegel's efforts to reduce costs.Gold was down 0.7% at $4,815.30 per troy ounce, while silver fell 0.4% to $79.18 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$BAC$CRM$IBM$MS$MSFT$SNAP

Sectors60d ago

Sector Update: Financial Stocks Rise Wednesday Afternoon

Financial stocks were advancing in Wednesday afternoon trading, with the NYSE Financial Index up 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.9%.The Philadelphia Housing Index was falling 2.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was decreasing 0.2%.Bitcoin (BTC-USD) was shedding 0.2% to $74,031, and the yield for 10-year US Treasuries was rising 2.7 basis points to 4.28%In economic news, the New York Federal Reserve's Empire State manufacturing index rebounded to 11.0 in April from minus 0.2 in March, above the expectations for a 0.0 print in a Bloomberg-compiled survey.The National Association of Home Builders' monthly housing market index fell to 34 in April from a revised 38 in March, compared with expectations for 37 in a survey compiled by Bloomberg.In corporate news, Morgan Stanley (MS) on Wednesday posted stronger-than-expected Q1 results as sharp gains in investment banking and trading activity helped boost revenue to a record. Its shares climbed past 4%.Bank of America's (BAC) Q1 results topped Wall Street's estimates buoyed by double-digit gains in investment banking and asset management fees, while Chief Executive Brian Moynihan said factors including robust consumer spending indicate a resilient US economy. Its shares rose 2.2%.Pacific Investment Management said it bought the entire $400 million bond issuance from Blue Owl Capital's (OWL) business development company, signaling confidence in a volatile private credit market, Bloomberg reported. Blue Owl Capital shares jumped past 8%.

$BAC$MS$OWL

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