Sector Update: Financial Stocks Retreat Late Afternoon

MT Newswires Live12-14

Financial stocks eased in late Friday afternoon trading with the NYSE Financial Index down 0.3% and the Financial Select Sector SPDR Fund (XLF) declining 0.2%.

The Philadelphia Housing Index slid 1.5%, and the Real Estate Select Sector SPDR Fund (XLRE) shed 0.5%.

Bitcoin (BTC-USD) rose 1.4% to $101,503, and the yield for 10-year US Treasuries rose 8 basis points to 4.40%.

In economic news, US import prices rose 0.1% in November, compared with the 0.2% decrease expected in a survey compiled by Bloomberg and a downwardly revised 0.1% increase in October.

In corporate news, MoneyHero (MNY) said Chief Financial Officer Hao Qian resigned, effective Sunday. The company named the group finance director, Danny Leung, to serve as interim CFO and launched a formal search for a permanent CFO. The shares dropped 3.1%.

PayPal (PYPL) shares rose 1.9% after Wolfe Research upgraded the stock to outperform from peer perform with a $107 price target.

Affirm Holdings (AFRM) struck a capital partnership with investment firm Sixth Street, which will invest up to $4 billion in the buy-now, pay-later service provider's loans over the next three years. Affirm shares rose 2.1%.

Charles Schwab (SCHW) expects 2024 net revenue growth of 3% to 3.5%, up from its prior forecast of 2% to 3%. The shares still fell 4.8%.

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