Sector Update: Financial Stocks Bruised in Market Sell-Off as Bond Yields Drop

Last Updated: Friday, November 26, 2021 12:55 PM | MT Newswires

Financial stocks were sliding ahead of Friday's early market close, with the NYSE Financial Index dropping 3.6% while the Financial Select Sector SPDR ETF (XLF) slumped 2.9%.

The Philadelphia Housing Sector Index fell 1.8% and the Real Estate Select Sector SPDR ETF (XLRE) was down 2%.

Bitcoin was 7.9% lower at $54,530, while the 10-year US Treasury yield dropped 14 basis points to 1.51%.

CVB Financial (CVBF) shares were down 4.8% after the bank holding company late Wednesday said the Federal Deposit Insurance Corp and California regulators approved its proposed acquisition of Suncrest Bank.

ING Groep (ING) dropped 5.7% after Goldman Sachs downgraded the Dutch bank's stock to neutral from buy.

KKR (KKR) slid 2.6%; the private equity firm said it acquired an unspecified minority investment stake in Taylor's Education Group, which operates six private international schools in Malaysia and Singapore.

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