Sector Update: Financial Stocks Advance Friday Afternoon

MT Newswires Live10-19

Financial stocks rose in Friday afternoon trading with the NYSE Financial Index up 0.2% and the Financial Select Sector SPDR Fund (XLF) adding 0.1%.

The Philadelphia Housing Index climbed 1.2%, and the Real Estate Select Sector SPDR Fund (XLRE) rose 0.5%.

Bitcoin (BTC-USD) gained 2.2% to $68,843, and the yield for 10-year US Treasuries shed 2.9 basis points to 4.07%.

In economic news, housing starts eased 0.5% to a seasonally adjusted annual rate of 1.35 million units in September from the revised 1.36 million print the month prior, the Census Bureau and the Department of Housing and Urban Development said. The latest data was largely in line with the consensus in a survey compiled by Bloomberg.

In corporate news, American Express' (AXP) Q3 results increased but revenue trailed estimates, while the company lifted its full-year earnings outlook. The shares fell 3.2%.

Comerica (CMA) shares popped 4% after it reported Q3 adjusted earnings that topped market expectations. The company also plans to buy back $100 million of shares starting in Q4, Chief Financial Officer James Herzog said Friday during an earnings call.

Erie Indemnity (ERIE) shares face a potential downside risk of 35% to 55% amid concerns about the sustainability of its 25% management fee collected on Erie Insurance Exchange-written premiums, short seller Spruce Point Capital Management said Friday. Erie Indemnity shares were rising 0.6%.

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