Sector Update: Financial Stocks Edge Lower Tuesday Afternoon

MT Newswires Live10-28 02:00

Financial stocks were slightly lower in Tuesday afternoon trading, with the NYSE Financial Index decreasing 0.2% and the State Street Financial Select Sector SPDR ETF (XLF) easing 0.1%.

The Philadelphia Housing Index shed 0.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1%.

Bitcoin (BTC-USD) was increasing 0.8% to $80,665, and the yield for 10-year US Treasuries was slightly higher at 4.993%.

In economic news, the Conference Board's measure of consumer confidence rose to 91.7 in October from 84.2 in September, compared with the 81.0 expected in a survey compiled by Bloomberg.

In corporate news, Ares Capital (ARCC) will buy MidCap Financial Investment (MFIC) in a stock-and-cash deal with a total enterprise value of around $2.6 billion, the companies said Tuesday. Ares Capital shares rose 0.4%, and MidCap Financial surged 23%.

PayPal's (PYPL) Q3 revenue fell short of market estimates, while adjusted earnings unexpectedly rose year over year as the payments company raised its full-year profit outlook. Its shares rose 1.1%.

S&P Global (SPGI) has initiated a strategic review of alternatives, including a potential separation, for Capital IQ and associated data businesses, which constitute the majority of Kensho Data & Platforms within Market Intelligence, the company said Tuesday. Separately, S&P Global reported Q3 adjusted EPS Tuesday of $4.58 per share, up from $4.20 a year earlier and above the FactSet consensus of $4.43. S&P Global shares were down 0.3%.

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Ares Capital shares rose 0.4%, and MidCap Financial surged 23%.</p><p>PayPal's (PYPL) Q3 revenue fell short of market estimates, while adjusted earnings unexpectedly rose year over year as the payments company raised its full-year profit outlook. Its shares rose 1.1%.</p><p>S&amp;P Global (SPGI) has initiated a strategic review of alternatives, including a potential separation, for Capital IQ and associated data businesses, which constitute the majority of Kensho Data &amp; Platforms within Market Intelligence, the company said Tuesday. Separately, S&amp;P Global reported Q3 adjusted EPS Tuesday of $4.58 per share, up from $4.20 a year earlier and above the FactSet consensus of $4.43. 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