Sector Update: Financial Stocks Trim Early Losses Friday Afternoon

Last Updated: Friday, December 2, 2022 4:18 PM | MT Newswires

Financial stocks trimmed a portion of their earlier declines during afternoon trading Friday, with the NYSE Financial Index sliding 0.2% and the SPDR Financial Select Sector ETF (XLF) off 0.7%.

The Philadelphia Housing Index was dropping 0.5% and the SPDR Real Estate Select Sector ETF (XLRE) was slipping 0.4%.

Bitcoin was rising 0.3% to $16,998, while the yield for 10-year US Treasuries was sliding 2.3 basis points to 3.506%.

In company news, Canadian Imperial Bank of Commerce (CM) slid 0.9% after reporting non-GAAP net income of CA$1.39 per share, trailing the consensus view expecting adjusted earnings of $1.72 per share. CIBC said Friday it will appeal a court ruling in New York siding with Cerberus Capital in the companies' legal fight over a special purpose investment vehicle.

Rocket Companies (RKT) fell 1.6% after the lender said it has negotiated a one-year extension to the master repurchase agreement with UBS for two of its subsidiaries until Nov. 30, 2023, although the amount available for the units to borrow through the revised facility also was cut 33% to $1 billion. Overall, the company's total borrowing capacity dropped to $27.4 billion with the new agreement, down from $29.6 billion at the end of June, according to a regulatory filing overnight.

TransUnion (TRU) declined 1% after Barclays Friday cut its stock rating for the credit reporting company to equal weight from overweight and also lowered its price target for TransUnion shares by $5 to $65 apiece.

Among gainers, Marsh & McLennan (MMC) finished 0.5% higher Friday afternoon after the risk and insurance services company said it has acquired the full-service agency McDonald Zaring Insurance in Walla Walla, Washington, expanding the presence of its Marsh McLennan Agency unit in the Pacific Northwest.

Share this article:

Related Companies

You May Also Like

Related Articles

Real Estate Stocks Moving Tuesday: DBRG, ILPT, WE, ELS, DIFTY, SUHJY, FLJ, CLLNY

Is it Time to Dump Agree Realty Corporation (ADC) Stock After it Is Higher By 0.77% in a Week?

Does Opendoor Technologies Inc (OPEN) Have What it Takes to be in Your Portfolio Tuesday?

Should You Buy Brightspire Capital Inc (BRSP) Stock on Tuesday?

Should You Add KE Holdings Inc - ADR (BEKE) Stock to Your Portfolio Tuesday?

Related Companies