Sector Update: Financial Stocks Ease Wednesday Afternoon

MT Newswires Live
2024-10-24

Financial stocks were decreasing in Wednesday afternoon trading, with the NYSE Financial Index down 0.3% and the Financial Select Sector SPDR Fund (XLF) off 0.2%.

The Philadelphia Housing Index was shedding 0.5%, and the Real Estate Select Sector SPDR Fund (XLRE) was up 0.7%.

Bitcoin (BTC-USD) was falling 2.4% to $65,794, while the yield for 10-year US Treasuries was rising 4 basis points to 4.25%.

In economic news, the pace of US existing-home sales fell 1% to a 3.84 million seasonally adjusted annual rate in September from 3.88 million in August, data from the National Association of Realtors showed. The average forecast was 3.88 million in a survey compiled by Bloomberg.

In corporate news, Goldman Sachs (GS) and Apple (AAPL) were ordered by the Consumer Financial Protection Bureau to pay over $89 million for alleged breakdowns in customer service and misrepresentations that impacted hundreds of thousands of Apple Card users, the agency said Wednesday. Goldman shares fell 0.4% and Apple was dropping 2.7%.

New York Attorney General Letitia James is investigating Capital One Financial's (COF) planned acquisition of Discover Financial Services (DFS), Bloomberg reported Wednesday. Capital One was falling 1% and Discover Financial shares was shedding 0.9%.

Citigroup (C) Chair John Dugan does not expect the revised Basel III proposal for bank capital requirements to be finalized ahead of the US elections, Bloomberg reported. Citigroup shares were down 0.9%.

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