Sector Update: Financial Stocks Decline Tuesday Afternoon

MT Newswires Live
2024-11-20

Financial stocks fell in Tuesday afternoon trading with the NYSE Financial Index down 0.2% and the Financial Select Sector SPDR Fund (XLF) off 0.5%.

The Philadelphia Housing Index eased 0.2%, and the Real Estate Select Sector SPDR Fund (XLRE) rose 0.4%.

Bitcoin (BTC-USD) gained 3.2% to $93,428, and the yield for 10-year US Treasuries shed 3.3 basis points to 4.381%.

In economic news, US online retail sales rose 2.6% in Q3 after advancing 1.6% in the prior quarter and were up 7.4% from a year earlier, the US Census Bureau reported.

Redbook US same-store sales last week rose 5.1% from a year earlier after a 4.8% increase in the previous week.

In regulatory news, Federal Deposit Insurance Corp. Chairman Martin Gruenberg intends to step down on Jan. 19, Bloomberg reported.

In corporate news, H&R Block (HRB) shares fell 8.2% and Intuit (INTU) dropped 5.5% after the Washington Post reported that the leaders of President-elect Donald Trump's proposed Department of Government Efficiency discussed the creation of a mobile app for people to file taxes for free.

Deutsche Bank (DB) has filed a motion with Germany's top civil court asking if it can appeal a ruling over increased payments sought by former Postbank investors, Bloomberg reported. Deutsche shares shed 1.7%.

Jersey Mike's Subs said Tuesday that Blackstone (BX) agreed to buy a majority stake in the sandwich shop company. Financial terms of the deal weren't disclosed, but Jersey Mike's could be valued at $8 billion, including debt, according to an earlier Reuters report, which cited a person familiar with the matter. Blackstone shares were rising 1.6%.

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