Financial stocks declined in late Wednesday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each decreasing 0.2%.
The Philadelphia Housing Index was fractionally higher, and the Real Estate Select Sector SPDR Fund (XLRE) was down 0.6%.
Bitcoin (BTC-USD) was increasing 1.5% to $123,195, and the yield for 10-year US Treasuries was slightly higher at nearly 4.13%.
Mortgage applications in the US fell for a second consecutive week as refinancing activity declined, the Mortgage Bankers Association said Wednesday. The market composite index, which measures loan application volume, dipped 4.7% on a seasonally adjusted basis for the week through Friday, and fell 5% without adjustments.
In corporate news, Western Alliance Bancorp (WAL) shares fell 4.7% after Bloomberg reported that the bank is potentially exposed to losses tied to the failure of car parts supplier First Brands via a leveraged financing deal with a fund connected to Jefferies Financial (JEF). Jefferies said Wednesday First Brands filed for bankruptcy on Sept. 29, detailing its exposure to the bankrupt company via Point Bonita Capital and Apex Credit Partners. Jefferies shares dropped 7%.
Marex (MRX) shares jumped past 12% after the company said it expects Q3 adjusted earnings in a range of $0.92 to $0.97 per diluted share.
Apollo Global Management (APO) is eyeing potential investment opportunities in Spain related to energy transition, data centers and infrastructure, Bloomberg reported, citing the company's senior adviser for Iberia, Konstantin Sajonia-Coburgo. Apollo shares were shedding 0.8%.
Goldman Sachs (GS) is marketing a significant risk transfer deal tied to about $5 billion of corporate loans, Bloomberg reported. Goldman shares retreated 1.8%.
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