Financial Sector Update for 08/07/2018: ICE,V,Z,ZG

Top Financial Stocks

JPM +0.67%

BAC +0.35%

WFC +0.10%

C +0.37%

USB +0.62%

Financial stocks were higher in afternoon trading, including a more than 0.4% advance for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling almost 0.7%. The Philadelphia Housing Index was rising just over 0.8%.

In economic news:

Job openings edged higher during June, with the Labor Department reporting an increase of 3,000 to 6.662 million openings last month from an upwardly revised 6.659 million job openings in May. The latest Job Openings and Labor Turnover Survey topped the Wall Street consensus expecting a 12,000 rise over the 6.638 million openings originally reported for May to 6.65 million job openings. Hirings fell by 96,000 during June to 5.651 million new employees following a 166,000 rise to an upwardly revised 5.747 million new employees in May.

Later Tuesday, analysts are expecting a $16.0 billion increase in consumer borrowing during June following a $24.6 billion jump in May.

Among financial stocks moving on news:

+ Intercontinental Exchange ( ICE ) was rising Tuesday, climbing about 1.5%, after earlier pricing a combined $2.25 billion private placement of several series of new senior notes. The operator of financial and commodity exchanges issued $400 million of its 3.45% senior notes due 2023 as well as $600 million of its 3.75% senior notes due 2028 and $1.25 billion of 4.25% senior notes due 2048. Net proceeds will be used for general corporate purposes.

In other sector news:

+ Visa ( V ) was moderately higher on Tuesday, rising almost 1%, after the credit-card issuer said it has invested an undisclosed amount in Behalf, an Israeli start-up that supports small-business growth with easy-to-access funding and loans. As part of its investment, Visa also is making a tokenized Visa virtual card providing instant financing for business purchases available to Behalf clients, beginning first in the United States and spreading to other markets in coming months.

- Zillow Group (Z,ZG) plunged as much as 18% on Tuesday after it issued preliminary Q2 sales along with Q3 and FY18 sales forecasts all trailing Street views, prompting a downgrade of the real estate listings website to Neutral from Buy at Bank of America Merril Lynch. The company also said it was acquiring Mortgage Lenders of America for an undisclosed amount.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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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.

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