Sector Update: Financial Stocks Higher Tuesday Afternoon

MT Newswires Live
2024-11-06

Financial stocks were advancing in Tuesday afternoon trading, with the NYSE Financial Index rising 0.8% and the Financial Select Sector SPDR Fund (XLF) up 0.6%.

The Philadelphia Housing Index was climbing 1.4%, and the Real Estate Select Sector SPDR Fund (XLRE) was up 0.6%.

Bitcoin (BTC-USD) was increasing 3.8% to $70,240, and the yield for 10-year US Treasuries was slightly higher at 4.31%.

In economic news, the Institute for Supply Management's US services index rose to 56.0 in October from 54.9 in September, compared with expectations for a decrease to 53.8 in a survey compiled by Bloomberg.

The S&P Global US services index was revised down to 55.0 in October from the 55.3 flash reading, compared with expectations for no revision in a survey compiled by Bloomberg.

In corporate news, Payoneer Global (PAYO) shares surged nearly 19% after the company reported stronger-than-expected Q3 growth and raised its full-year outlook amid business-to-business momentum.

Cushman & Wakefield (CWK) shares jumped 14% after the company's Q3 earnings came ahead of estimates.

Apollo Global Management (APO) reported Q3 adjusted net income Tuesday of $1.81 per share, up from $1.59 a year earlier and above the Capital IQ consensus analyst estimate of $1.72. Revenue was $7.77 billion, up from $2.60 billion a year earlier. Apollo shares gained 5.8%.

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