Sector Update: Financial Stocks Decline Late Afternoon
Financial stocks were softer in late Friday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each down about 0.2%.The Philadelphia Housing Index was shedding 1.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) eased 0.1%Bitcoin (BTC-USD) advanced 2.8% to $78,463, and the yield for 10-year US Treasuries decreased 1.2 basis points to 4.378%.In economic news, the S&P Global US manufacturing index for April was revised slightly upwards to 54.5 from the flash reading of 54.0, compared with expectations for a no revision in a survey compiled by Bloomberg.The Institute for Supply Management's US manufacturing index was unchanged in April from the 52.7 reading in March, below the expectations for a 53.2 reading in a survey compiled by Bloomberg.In regulatory news, the US Securities and Exchange Commission's proposal to let public companies report results twice a year instead of every quarter has passed a White House review, according to an Office of Management and Budget document.In sector news, Opay Digital Services has hired Citigroup (C), Deutsche Bank (DB), and JPMorgan (JPM) as the Nigerian payments platform prepares for an initial public offering in the US, Bloomberg reported.In corporate news, BayFirst Financial (BAFN) shares fell past 25% after it reported late Thursday a wider Q1 loss and lower revenue.UWM (UWMC) is urging Two Harbors Investment's (TWO) shareholders to press the board to accept its $12-per-share acquisition bid, up from prior $11.30 offer, according to an open letter Thursday. Two Harbors shares jumped past 8%, and UWM rose 3.5%.Cboe Global Markets (CBOE) shares were up more than 8% after the company posted higher Q1 adjusted earnings and revenue.Aon (AON) reported Q1 adjusted earnings Friday of $6.48 per diluted share, up from $5.67 a year earlier. Analysts polled by FactSet expected $6.37. Aon shares were 0.3% higher.