From Nasdaq: 2024-03-27 15:43:56

Financial stocks saw gains in late afternoon trading, with the NYSE Financial Index up 0.7% and the Financial Select Sector SPDR Fund rising 0.8%. The Philadelphia Housing Index also increased by 1%, while the Real Estate Select Sector SPDR Fund gained 2%.

Bitcoin dropped 1.8% to $68,757, and the yield for 10-year US Treasuries fell by 4 basis points to 4.20%. Wholesale inventories decreased by 0.2% in January, an improvement from the previously reported 0.3% decline. Mortgage applications declined for the second week as homebuyers waited for lower interest rates.

X Financial shares plummeted nearly 22% after reporting a decrease in Q4 non-GAAP adjusted net income, while LM Funding America shares surged 11% after regaining compliance with Nasdaq’s minimum bid price requirement. Coinbase fell 4% following a federal judge ruling that it sells securities under US law, allowing a lawsuit by the SEC to proceed.

BlackRock received a cease-and-desist order from Mississippi over alleged false and misleading statements to investors through its ESG assertions. Despite this, BlackRock shares rose by 1%.

Read more at Nasdaq: Financial Sector Update for 03/27/2024: XYF, COIN, BLK, LMFA