Financial stocks dropped, housing up, Bitcoin and Treasury yields down, Coinbase facing lawsuit.
From Nasdaq
September 06, 2024 01:41:23 PM:
In financial news, the NYSE Financial Index and XLF both dropped 1.4%, while the Philadelphia Housing Index rose 0.9% and XLRE fell 0.6%.
Bitcoin fell 3.5% to $54,261, and 10-year US Treasury yields were down to 3.70%. Nonfarm payrolls only increased by 142,000, with July and June payrolls also revised lower.
Coinbase shares fell 7% as the company faces a class action lawsuit for misleading shareholders. Morgan Stanley agreed to pay a $2 million fine in a settlement with Massachusetts, and their shares dropped 2.4%.
BlackRock is shifting its investment strategy to value stocks and fixed-income due to upcoming Federal Reserve decisions and the US presidential election. Their shares fell 1.5% as a result of this announcement.
Read more at Nasdaq: Sector Update: Financial Stocks Fall Friday Afternoon