From Nasdaq: 2024-05-14 15:56:51

Financial stocks saw gains in late Tuesday afternoon trading, with the NYSE Financial Index up by 0.6% and the Financial Select Sector SPDR Fund rising by 0.5%. The Philadelphia Housing Index also increased by 0.6%, with the Real Estate Select Sector SPDR Fund up by 0.8%.

Bitcoin experienced a 2.2% drop to $61,550, while the yield for 10-year US Treasuries fell by 3.2 basis points to 4.45%. In economic news, the US producer price index rose by 0.5% in April, beating expectations of a 0.3% gain.

Federal Reserve Chair Jerome Powell mentioned that restrictive monetary policy may take longer to impact inflation, with the US economy performing well despite signs of gradual cooling. Meanwhile, Coinbase resolved a system-wide outage and Citigroup executive Titi Cole is leaving.

StoneCo shares fell by 7.9% after Q1 results disappointed, and Blackstone is in talks with Haldiram’s for a 75% stake in its snacks business worth up to $8.5 billion. Blackstone’s shares rose by 3.3%.

Read more at Nasdaq: Financial Sector Update for 05/14/2024: COIN, C, STNE, BX