Sector Update: Financial Stocks Advance after Powell Comments Ignites Wednesday Markets

Last Updated: Wednesday, November 30, 2022 4:00 PM | MT Newswires

Financial stocks advancing in afternoon trading, with the NYSE Financial Index and the SPDR Financial Select Sector ETF (XLF) both rising 1.5%.

The Philadelphia Housing Index was advancing 1.5% and the SPDR Real Estate Select Sector ETF (XLRE) was gaining 2.2%.

Bitcoin was increasing 3.6% to $17,057, while the yield for 10-year US Treasuries was sinking 4.5 basis points to 3.703%, reversing an earlier decline, after Federal Reserve chairman Jerome Powell Wednesday said the central bank could begin to slow the pace of interest-rate increases as soon as the next Federal Open Markets Committee meeting concluding Dec. 14.

In company news, Royal Bank of Canada (RY) was back on positive ground Wednesday afternoon, rising nearly 1% in late trade and reversing a midday 1.3% decline, after reporting Q4 net income of CA$2.74 per share, improving on a CA$2.68 per share profit during the same quarter last year and beating the Capital IQ consensus for the three months ended Oct. 31 by CA$0.05 per share. Total revenue increased 18% year-over-year to CA$12.57 billion, also exceeding the $12.33 billion Street view.

To the downside, Runway Growth Finance (RWAY) also was rising 0.9%, reversing a midday slide, after the business lender Wednesday disclosed plans for an upcoming offering of unsecured notes it expects will list and begin trading on the Nasdaq Global Select Market within 30 days of the deal reaching investors. The size and other financial details of the offering - including the interest rate and the term for the debt securities - will be determined shortly before pricing, Runway said.

Charles River Associates (CRAI) gained 1.3% after the financial consulting company said it closed late Tuesday on its acquisition of the bioStrategies Group, with the deal expected to expand Charles River's commercial practice for healthcare products and technologies. Financial terms were not disclosed.

Terreno Realty (TRNO) added 1.8% after the real estate investment trust Wednesday announced its purchase of an industrial property in suburban New York for $15.4 million. The property in Elizabeth, New Jersey, houses an industrial distribution building and is fully leased, the company said.

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