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Financial stocks were edging lower Monday afternoon, with the NYSE Financial Sector Index slipping just over 0.1% while financial companies in the S&P 500 Index were falling more than 0.3%. The Philadelphia Housing Sector Index also was rising nearly 0.3%.
In economic news:
In a light day for economic data, the US Treasury will issue its February budget at 2 pm ET, with expert opinion looking for a $216.0 billion deficit for last month compared with a $49.2 billion surplus in January as the nation's coffers show some of the first indications of the impact of federal tax cuts late last year.
Among financial stocks moving on news:
+ Artisan Partners Asset Management ( APAM ) was edging lower Monday afternoon, previously climbing over 1% after the investment manager late Friday reported a 15.5% year-over-year increase in its assets under management during February, rising to $117.2 billion from $101.5 billion at the end of February 2017. Separate accounts accounted for $59 billion of total firm assets under management while Artisan Funds and Artisan Global Funds accounted for $58.2 billion, the firm said.
In other sector news:
+ The Carlyle Group L.P ( CG ) was fractionally higher on Monday, easing from a nearly 3% gain to a session high of $23.65 a share soon after the opening bell that followed analysts at Citgroup raising their investment ratings for the private-equity firm to Buy from Neutral.
- Deutsche Bank ( DB ) has turned narrowly lower Monday afternoon, drifting off a 0.25% rise during the first 30 minutes of the session after disclosing plans to raise as much as $2.2 billion, or about EUR1.8 billion, through an initial public offering of 40 million shares, or about 20% of the common stock by its DWS asset management unit. In addition to the base offering, Deutsche also may sell 4.8 million shares - or about 2.4% of the firm - from its indirect holdings if there was "particularly strong demand." It may make available in the offering an additional 5.2 million shares, a 2.6% stake, from its indirect holdings to cover potential over-allotments. The IPO is expected to price between EUR30.00 to EUR36.00 per share.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
