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Financial stocks were broadly higher on Monday, including a less than 0.2% advance for the NYSE Financial Index while shares of financial companies in the S&P 500 were racing just over 0.7%. The Philadelphia Housing Index also was rising more than 0.4%.
In economic news:
Theeconomic calendarwas vacant Monday.
Among financial stocks moving on news:
- Synchrony Financial's ( SYF ) was 1% lower Monday afternoon, giving back a small gain soon after the opening bell that followed analysts at Oppenheimer saying the company will "very likely" lose Sam's Club as a client after corporate parent Walmart ( WMT ) recently dropped the private label credit card issuer. The brokerage sees Walmart's move creating profit headwinds for Synchrony, adding it also expects Synchrony to lower its economic hurdles in a bid to retain Sam's Club as a client. "Either way, it suggests lower go-forward profitability," Oppenheimer concluded in a new research note Monday.
In other sector news:
- HSBC ( HSBC ) declined almost 2% on Monday after the London-based banking group agreed to pay $765 million to settle a probe into its sales of mortgage-backed securities in the run-up to the 2007-2008 financial crisis. It also reported a Q2 pre-tax profit attributable to its ordinary shareholders of $4.09 billion, improving on a $3.87 billion pre-tax profit during the year-ago period. Revenue rose to $13.58 billion from $13.17 billion last year but still trailed the Capital IQ consensus expecting $13.90 billion in quarterly revenue.
- Goldman Sachs ( GS ) was edging higher Monday afternoon, rising almost 1% and reversing a small decline earlier in the session that followed the incoming CEO of the bulge-level investment bank reportedly will soon name Jim Esposito to be the global co-head of its trading unit. He previously was the co-chief operating officer of Goldman's fixed income business.
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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.
