Sector Update: Financial Stocks Trimming Losses on Thursday

Last Updated: Thursday, June 23, 2022 3:59 PM | MT Newswires

Financial stocks pared a portion of their earlier declines during afternoon trading, with the NYSE Financial Index and the SPDR Financial Select Sector ETF (XLF) both slipping 0.6% in late trade.

The Philadelphia Housing Index was climbing 3.1% and the SPDR Real Estate Select Sector ETF (XLRE) was rising 1.9%.

Bitcoin was rising 3% to $20,721, while the yield for 10-year US Treasuries was dropping 8.8 basis points to 3.068%.

In company news, New York City REIT (NYC) was falling 6.5% late in Thursday trading, giving back an opening advance, after the property manager said it secured one new lease in addition to three lease renewals for its New York City portfolio representing a total of $4.2 million in annualized, straight-line rent.

Deutsche Bank (DB) slid almost 12% after CEO Christian Sewing reportedly said there is "a 50% likelihood of a recession globally" by the second half of 2023. Speaking Wednesday at a Bloomberg event in Frankfurt, Germany, Sewing said the ongoing war in Ukraine and its impact on energy prices coupled with central banks raising borrowing costs in a bid to tame inflation were lifting recession risks higher. "We have overall a very challenging time," he said.

BIT Mining (BTCM) plunged nearly 40% after the cryptocurrency company Thursday disclosed plans for a $16 million direct offering of 16 million American depositary shares priced at $1 apiece and representing a 16% discount to its last closing price. Investors also received an equal number of series A and series B exercisable at $1.10 and $1.00 per share, respectively.

To the upside, FactSet Research Systems (FDS) gained 8.4% after the financial analytics company Thursday reported non-GAAP net income of $3.76 per share for its Q3 ended May 31, improving on a $2.72 per share adjusted profit during the year-ago quarter and topping the consensus call of analysts by $0.54 per share. Revenue grew 19% year-over-year to $488.8 million, also exceeding the $477 million Street view.

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