Sector Update: Financial Stocks Slipping Friday Afternoon

MT Newswires Live06-15

Financial stocks fell in Friday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) both easing 0.3%.

The Philadelphia Housing Index dropped 1.1%, and the Real Estate Select Sector SPDR Fund (XLRE) eased 0.1%.

Bitcoin (BTC-USD) declined 2% to $65,441, and the yield for 10-year US Treasuries fell 2.1 basis points to 4.22%.

In economic news, preliminary results from the University of Michigan's Surveys of Consumers showed that US consumer sentiment dropped to 65.6 this month from 69.1 in May. The consensus was for an increase to 72 in a survey compiled by Bloomberg.

US home sales in May slumped to one of the lowest levels on record as prices reached an all-time high and demand continued to outpace supply, a Redfin (RDFN) report showed.

In corporate news, Sound Point Meridian Capital (SPMC) fell 4.2% in its trading debut on the New York Stock Exchange.

Peoples Financial Services (PFIS) and FNCB Bancorp (FNCB) said they received all required regulatory approvals or waivers needed to complete their proposed merger, which is expected to close July 1. Peoples shares gained 2.3%, and FNCB was little changed.

Barclays (BCS) has been asked to review its exposure to leveraged private equity deals as part of a UK regulator's probe into the risks taken by lenders, multiple media outlets reported. Barclays shares dropped 2.1%.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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