Sector Update: Financial Stocks Holding Onto Slim Gains Monday

Last Updated: Monday, August 15, 2022 3:53 PM | MT Newswires

Financial stocks were hanging onto slim gains late in afternoon trading, with the NYSE Financial Index and SPDR Financial Select Sector ETF (XLF) both adding about 0.1%.

The Philadelphia Housing Index was dropping 0.3% but the SPDR Real Estate Select Sector ETF (XLRE) was ahead 0.5%.

Bitcoin was declining 0.8% to $24,103, while the yield for 10-year US Treasuries was slipping 5.8 basis points to 2.791%.

In company news, Wells Fargo (WFC) was 0.5% lower, recouping most of its 2.2% morning slide, after the financial services giant disclosed the issuance of a $2 billion inclusive communities and climate bond intended to fund affordable housing, renewable energy and clean transportation projects.

BGC Partners (BGCP) rose 0.4%, overcoming an early 3% decline that initially followed the fixed-income broker late Friday announcing a $300 million at-the-market offering of its class A common shares from time to time with Cantor Fitzgerald.

To the downside, Green Dot (GDOT) declined 1% after a Barclays downgrade of the money-movement services company to equalweight from overweight previously.

Simon Property Group (SPG) fell 2.2%. The real estate investment trust Monday said it has promoted Donald Frey to be its new treasurer from his current post as assistant treasurer.

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