Sector Update: Financial Stocks Mixed Friday Afternoon

MT Newswires Live
2024-12-07

Financial stocks were mixed in Friday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) little changed.

The Philadelphia Housing Index was little changed, erasing earlier gains, and the Real Estate Select Sector SPDR Fund (XLRE) fell 0.5%.

Bitcoin (BTC-USD) jumped 4.7% to $101,611, and the yield for 10-year US Treasuries shed 2.3 basis points to 4.16%.

In economic news, the nonfarm payrolls report showed the unemployment rate rose to 4.2% in November from 4.1% in October, compared with expectations for no change. Payrolls rose 227,000, above the 220,000 increase expected in a Bloomberg survey compilation.

The University of Michigan's preliminary consumer sentiment index rose to 74 in December from 71.8 in November, reaching the highest in seven months and topping expectations for 73.3 in a survey compiled by Bloomberg.

In corporate news, Comerica's (CMA) Comerica Bank unit is facing allegations of mistreating millions of mainly disabled and elderly customers, potentially leading to penalties under a civil enforcement action, the US Consumer Financial Protection Bureau said. Comerica shares shed 0.8%.

Goldman Sachs (GS) left the Net-zero Banking Alliance, a coalition aimed at aligning bank lending and investments with efforts tackling global climate change, Reuters reported. Goldman shares rose 0.2%

Bank of Marin Bancorp (BMRC) shares shed 0.8%. Dave Bonaccorso was named chief financial officer, effective Jan 2. He succeeds Tani Girton, who is retiring.

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