Financial stocks declined in late trading, with various indexes dropping while Bitcoin and Treasury yields fell

From Nasdaq

September 6, 2024 3:46:07 pm:

Financial stocks saw a decline in late Friday trading, with the NYSE Financial Index dropping 1.4% and the Financial Select Sector SPDR Fund falling 1.6%. The Philadelphia Housing Index rose 0.3%, while the Real Estate Select Sector SPDR Fund was down 0.3%.

Bitcoin fell 4.4% to $53,734, while 10-year US Treasury yields dropped to 3.71%. Nonfarm payrolls increased by 142,000 last month, below the consensus of 165,000. Wheeler Real Estate Investment Trust shares doubled after an appeals court dismissed a class action lawsuit. Travelers unit St. Paul Mercury Insurance and Liberty Mutual Insurance were ruled not liable for a dispute, causing Travelers shares to rise by 0.9%.

Coinbase shares tumbled 7.8% as the company faces a class action lawsuit for allegedly misleading shareholders about a possible legal challenge. Morgan Stanley agreed to pay a $2 million fine to settle a Massachusetts investigation into the sale of First Republic Bank stock, leading to a 3.1% drop in their shares.

Read more at Nasdaq: Sector Update: Financial Stocks Slide Late Afternoon