Sector Update: Financial

Last Updated: Tuesday, October 4, 2022 3:37 PM | MT Newswires

Financial stocks continued to trade higher late in afternoon trading, with the NYSE Financial Index advancing 3.2% and the SPDR Financial Select Sector ETF (XLF) rising 3.4%. The Philadelphia Housing Index was also climbing 3.4% and the SPDR Real Estate Select Sector ETF (XLRE) was ahead 1.3%.

In company news, Welltower (WELL) fell 1.5% after the real estate investment trust Tuesday said it expects its Q3 normalized funds from operations will likely trail the midpoint of its prior forecast expecting non-GAAP FFO in a range of $0.82 to $0.87 per share. Analysts polled by Capital IQ, on average, are looking for adjusted FFO of $0.74 per share for the three months ended Sept. 30.

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