Sector Update: Financial Stocks Decline Late Afternoon

MT Newswires Live
02-01

Financial stocks fell in late Friday afternoon trading, with the NYSE Financial Index down 0.7% and the Financial Select Sector SPDR Fund (XLF) decreasing 0.5%.

The Philadelphia Housing Index dropped 2.5%, and the Real Estate Select Sector SPDR Fund (XLRE) shed 0.4%.

Bitcoin (BTC-USD) fell 2.7% to $101,916, and the yield for 10-year US Treasuries rose 6.2 basis points to 4.581%.

In economic news Friday, US Bureau of Economic Analysis data showed the personal consumption expenditures price index rose 0.3% in December, as expected in a Bloomberg survey.

In other news, President Donald Trump will begin implementing a 25% tariff on Mexico and Canada and a 10% tariff on China on Saturday, Bloomberg reported, citing White House Press Secretary Karoline Leavitt.

In corporate news, CBL & Associates Properties (CBL) shares rose 4% after the firm completed the sale of Monroeville Mall and Annex in Monroeville, Pennsylvania, for $34 million in cash.

Visa (V) reported fiscal Q1 non-GAAP earnings late Thursday of $2.75 per share, exceeding the FactSet consensus estimate of $2.66. The shares rose 0.2%.

WisdomTree (WT) reported Q4 adjusted earnings of $0.17 per share, up from $0.11 a year earlier. Analysts polled by FactSet expected $0.18. The shares shed 0.6%.

Deutsche Bank (DB) and Strategic Value Partners, among other owners of Celsa Group, will approach Spanish investors for a capital increase for the steelmaker, Bloomberg reported. Deutsche shares fell 1.3%.

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