Sector Update: Financial Stocks Tumble After Fed Rate Increase

Last Updated: Wednesday, September 21, 2022 3:59 PM | MT Newswires

Financial stocks turned broadly lower during in afternoon trading, with the NYSE Financial Index dropping 0.6% while the SPDR Financial Select Sector ETF (XLF) was off 1.5%.

The Philadelphia Housing Index was down 0.7% and the SPDR Real Estate Select Sector ETF (XLRE) was slipping 1.1%.

The US dollar increased in value against most foreign currencies this afternoon while the yield for 10-year US Treasuries was slipping 6.1 basis points to 3.510% after the Federal Open Markets Committee, as expected, raised interest rates by 75 basis points for the third meeting in a row and said "ongoing increases in the target range will be appropriate" to reduce inflationary pressures.

In company news, Seven Hills Realty Trust (SEVN) was hanging on to a 0.2% gain after Wednesday naming Tiffany Sy to be its chief financial officer, effective Oct. 1, succeeding Douglas Lanois, who is stepping down. She joins the real estate finance company from The RMR Group's (RMR) Tremont Realty Capital unit, where she was also promoted to CFO and will remain a non-executive employee at RMR through the end of the year to assist with a smooth transition.

Trupanion (TRUP) gained 3.1% after Jefferies Wednesday began coverage of the pet care insurance company with a buy stock rating and a $77 price target.

Capital Southwest (CSWC) added 3.7% after the corporate lender late Tuesday declared a 4% increase in its quarterly dividend to $0.52 per share.

Among decliners, Coinbase Global (COIN) was fractionally down, giving back an earlier gain, after the cryptocurrency company Wednesday said it was partnering with privately held Tetra Trust and 3iQ Digital Asset Management to expand the exchange-traded product ecosystem for digital assets in Canada.

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