Sector Update: Financial Stock Slide Friday Afternoon

MT Newswires Live
01-11

Financial stocks fell in Friday afternoon trading with the NYSE Financial Index dropping 2% and the Financial Select Sector SPDR Fund (XLF) down 2.1%.

The Philadelphia Housing Index shed 1.5%, and the Real Estate Select Sector SPDR Fund (XLRE) declined 1.9%.

Bitcoin (BTC-USD) rose 3% to $95,315, and the yield for 10-year US Treasuries jumped 7 basis points to 4.76%.

In economic news, the December employment report showed nonfarm payrolls rose by 256,000, above the 165,000 jobs increase expected in a survey compiled by Bloomberg.

The University of Michigan's preliminary consumer sentiment index slipped to 73.2 in January from 74.0 in December, compared with expectations for no change in a survey compiled by Bloomberg.

In corporate news, Mercury General (MCY) issued a preliminary assessment of the Southern California wildfires, anticipating losses to surpass its $150 million reinsurance retention level as evaluations continue. The stock slumped 21%.

Jefferies Financial's (JEF) fiscal Q4 results rose on gains across investment banking and asset management divisions. The stock still fell 11%.

Bank of America (BAC) is likely to raise its bonus pool for investment bankers by an average of 10% for 2024, Reuters reported. The shares declined 2.3%.

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