Financial stocks gained in Monday afternoon trading, with the NYSE Financial Index rising 1.6% and the State Street Financial Select Sector SPDR ETF (XLF) climbing 2%.
The Philadelphia Housing Index jumped 4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) advanced 0.9%.
Bitcoin (BTC-USD) fell 1.3% to $76,866, and the yield for 10-year US Treasuries dropped 4.2 basis points to 4.89%.
In corporate news, Goldman Sachs (GS) is working with Cerberus Capital Management on a potential sale of Cerberus' Groupe CCF French banking business, Reuters reported. Goldman shares rose 1.3%.
Carlyle (CG), KKR (KKR) and other money managers are contemplating buying discounted US leveraged loans and packaging them into collateralized loan obligations, Bloomberg reported. The firms have recently talked to investors regarding selling collateralized loan obligations as soon as managers move quickly to capitalize on a potential fleeting opportunity, the report said. Carlyle shares were adding 3%, and KKR climbed 5%.
Coinbase's (COIN) "softer" forward revenue outlook and uncertainty on the cryptocurrency backdrop suggest a weaker recovery than previously expected, Morgan Stanley said in a note. Morgan Stanley downgraded the stock's rating to underweight from equal-weight and lowered its price target to $120 from $258. Coinbase shares were falling 3.2%.
Comments