Sector Update: Financial Stocks Slow Tuesday Retreat Near Midday Levels

Last Updated: Tuesday, December 6, 2022 3:57 PM | MT Newswires

Financial stocks continue to trade lower late Tuesday, with the NYSE Financial Index sliding 1.2% while the SPDR Financial Select Sector ETF (XLF) was off 0.9%.

The Philadelphia Housing Index also was dropping 1.3% and the SPDR Real Estate Select Sector ETF (XLRE) was slipping 1.0%.

Bitcoin was rising 0.2% to $16,973, while the yield for 10-year US Treasuries was falling 8.6 basis points to 3.513%.

In company news, Saratoga Investment (SAR) fell 2% after the commercial lender late Monday priced a $52.5 million public offering of 8.125% unsecured notes maturing in December 2027. Net proceeds from the deal will be used to invest in mid-market companies and other general corporate purposes, according to the offering prospectus.

Silvergate Capital (SI) slid 5.2% after three US Senators sent a letter to CEO Alan Lane seeking information about the bank holding company's relationship with FTX Trading and Alameda Research, including whether Silvergate may have facilitated the transfer of customer funds from FTX to Alameda.

CURO Group Holdings (CURO) declined 1.4% after saying Ismail Dawood will join the consumer lender as its new chief financial officer on Jan. 3, succeeding Roger Dean, who recently retired. Dawood previously was CFO at Paysafe (PSFE).

Intercontinental Exchange (ICE) was drifting 1.3% lower, giving back a small morning advance, after saying its New York Stock Exchange subsidiary would be collaborating with the Tel Aviv Stock Exchange to identify suitable candidates for dual listings and other projects.

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