Sector Update: Financial Stocks Softer Late Afternoon

MT Newswires Live
03-08

Financial stocks decreased in late Friday afternoon trading with the NYSE Financial Index down 0.2% and the Financial Select Sector SPDR Fund (XLF) shedding 0.8%.

The Philadelphia Housing Index rose 0.1%, while the Real Estate Select Sector SPDR Fund (XLRE) added 0.4%.

Bitcoin (BTC-USD) fell 2.5% to $87,717, and the yield for 10-year US Treasuries rose 3 basis points to 4.32%.

In economic news, US monetary policymakers would want "greater clarity" around the Trump administration's policy changes before making their next move on interest rates, Federal Reserve Chair Jerome Powell said.

Nonfarm payrolls rose by 151,000 last month, the Bureau of Labor Statistics reported. The consensus was for a 160,000 increase, according to a Bloomberg survey.

In corporate news, Visa (V) has been asked to hand over records of its payments deal with Elon Musk's X by Sen. Richard Blumenthal, CNBC reported, citing a letter by the Connecticut Democrat. Shares of Visa rose 0.2%.

Royal Bank of Canada (RY) is cutting an unspecified number of positions as the Toronto-based lender revamps some segments and shuffles executive responsibilities, an RBC spokesperson said. The bank's shares rose 0.3%.

Goldman Sachs (GS) is requiring some senior employees to transfer to lower-cost cities such as Dallas and Salt Lake City or to leave, Bloomberg reported. Goldman shares shed 1.8%.

Nasdaq (NDAQ) has been engaging with regulators, market participants and other stakeholders about enabling 24-hour trading for five days a week on the Nasdaq Stock Market, President Tal Cohen said in a post on LinkedIn. The company's shares fell 2.7%.

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