Sector Update: Financial Stocks Pare Earlier Declines but Unable to Turn Positive

Last Updated: Wednesday, October 5, 2022 3:44 PM | MT Newswires

Financial stocks largely sat out Wednesday's afternoon recovery, with the NYSE Financial Index sinking 0.8% and the SPDR Financial Select Sector ETF (XLF) off 0.4%.

The Philadelphia Housing Index was dropping 0.3% and the SPDR Real Estate Select Sector ETF (XLRE) was slipping 1.3%.

Bitcoin was advancing 0.8% to $20,253, reversing an earlier decline, while the yield for 10-year US Treasuries was climbing 14.2 basis points to 3.759 after Mary Daly, the president of the Federal Reserve bank in San Francisco, said during a television interview on that additional interest-rate increases were likely as the central bank tries to tame inflation.

In company news, Core Scientific (CORZ) slid 7% after Wednesday saying it produced 1,213 self-mined bitcoins during September, down 9.1% from the previous month. The company also sold 1,576 bitcoins last month for roughly $32.2 million in cash compared with $25.9 million in gross proceeds from the sale of 1,125 bitcoins in August.

AGNC Investment (AGNC) fell 6% after RBC Capital Markets Wednesday trimmed its price target for the real estate investment trust by $3 to $10 and reiterated its outperform stock rating.

Hamilton Lane (HLNE) declined 0.6% in Wednesday trade. The asset manager said it was partnering with Securitize to boost investor access to three of its funds through tokenized feeder fund operated by the digital assets securities firm.

To the upside, MarketAxess Holdings (MKTX) gained almost 2% after the online broker said the total average daily trading volume grew to $32.62 billion during September, up 22.8% over year-ago levels.

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