Sector Update: Financial Stocks Slide Friday Afternoon

MT Newswires Live
2024/10/26

Financial stocks were declining in Friday afternoon trading, with the NYSE Financial Index down 0.9% and the Financial Select Sector SPDR Fund (XLF) falling 1.1%.

The Philadelphia Housing Index dropped 1.3%, and the Real Estate Select Sector SPDR Fund (XLRE) was easing 0.2%.

Bitcoin (BTC-USD) was falling 0.4% to $67,415, and the yield for 10-year US Treasuries was rising 1.4 basis points to 4.22%.

In economic news, the University of Michigan consumer sentiment index was revised upward to 70.5 for October from the 68.9 preliminary estimate and compared with expectations for 69.1 in a survey compiled by Bloomberg.

New orders for US durable goods fell 0.8% in September, in line with the previous month but versus a 1% decrease anticipated in a survey compiled by Bloomberg.

In corporate news, BM Technologies (BMTX) shares surged nearly 47% after it said Friday it has struck a deal for First Carolina Bank to buy the firm for $5 a share in cash with an equity value of about $67 million.

Bancorp (TBBK) shares tumbled past 15% after it posted a Q3 earnings miss.

Barclays (BCS) won its bid to reduce a shareholder lawsuit worth up to 560 million pounds ($727 million) by more than half at London's High Court, Reuters reported. The lawsuit is related to allegations that Barclays misled the market about its private "dark pool" trading platforms. Barclays shares were falling 4.4%.

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