Sector Update: Financial Stocks Tumble with Mid-Week Jump in Treasury Yields

Last Updated: Wednesday, October 5, 2022 1:44 PM | MT Newswires

Financial stocks were declining in afternoon trading, with the NYSE Financial Index sinking 1.9% and the SPDR Financial Select Sector ETF (XLF) off 0.7%.

The Philadelphia Housing Index was dropping 0.6% and the SPDR Real Estate Select Sector ETF (XLRE) was slipping 2.3%.

Bitcoin was declining 0.5% to $19,992, while the yield for 10-year US Treasuries was climbing 16 basis points to 3.777 after Mary Daly, the president of the Federal Reserve bank in San Francisco, said during a television interview on Wednesday that additional interest-rate increases by the central bank were likely to tame inflation.

In company news, AGNC Investment (AGNC) fell 7.5% 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 1.4% 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.

MarketAxess Holdings (MKTX) gained almost 1% 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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