Sector Update: Financial Stocks Advance in Afternoon Trading
Financial stocks were higher Monday afternoon trading, with the NYSE Financial Index rising 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 1%.The Philadelphia Housing Index was climbing 1.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.5%.Bitcoin (BTC-USD) was increasing 4.8% to $66,834, and the yield for 10-year US Treasuries was down 1.8 basis points at 4.47%.In economic news, US industrial production increased less than estimated in May as nondurable manufacturing fell, while mining output increased, Federal Reserve data showed Monday. Industrial output inched up 0.1% last month following a 0.9% rise in April, the Fed said. The consensus was for a 0.3% increase in a survey compiled by Bloomberg.US homebuilder confidence declined this month as rising material costs and high mortgage rates stoked affordability concerns, the National Association of Home Builders and Wells Fargo said Monday. The housing market index, which covers new single-family homes, fell two points sequentially to 35 in June, compared to a 37 reading in a survey compiled by Bloomberg.In corporate news, Payoneer (PAYO) agreed to be acquired by Canada's Nuvei in an all-cash deal valued at about $2.75 billion. Payoneer shares gained 4%.Truist Financial (TFC) on Monday named Michael P. Lyons as its next president and chief executive officer, starting Sept. 1. Lyons, who most recently served as CEO of Fiserv (FISV), will succeed Bill Rogers at Truist. Rogers will become executive chair on Lyons' start date, Truist said. Truist shares were down 4.3%, and Fiserv fell 10%.Runway Growth Finance (RWAY) shares fell 5.6% after BofA Securities downgraded the company to underperform from neutral.