Sector Update: Financial Stocks Decline Monday Afternoon

MT Newswires Live
2024/11/05

Financial stocks fell in Monday afternoon trading with the NYSE Financial Index down 0.2% and the Financial Select Sector SPDR Fund (XLF) off 0.8%.

The Philadelphia Housing Index climbed 1.5%, and the Real Estate Select Sector SPDR Fund (XLRE) gained 0.7%.

Bitcoin (BTC-USD) declined 1.4% to $67,913, and the yield for 10-year US Treasuries dropped 7.5 basis points to 4.322%.

In economic news, new orders for US factory goods fell 0.5% in September, as expected in a survey compiled by Bloomberg, and following a revised 0.8% decrease in August.

In corporate news, B. Riley Financial-backed (RILY) Franchise Group started voluntary Chapter 11 proceedings in the US Bankruptcy Court for the District of Delaware. B. Riley shares tumbled 13%.

Blackstone (BX) is in advanced talks to buy Retail Opportunity Investments (ROIC), Reuters reported. Blackstone shares fell 0.6%, and Retail Opportunity jumped 6.2%.

Berkshire Hathaway (BRK.A) shares fell 2.2%. The company reported Q3 earnings Saturday of $18,272 per class A share, swinging from a loss of $8,824 a year earlier. Revenue fell to $93 billion from $93.21 billion.

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