Financial Sector Update for 04/05/2024: BLK, COIN, JPM, ZG, RMAX

Financial stocks were advancing in late Friday afternoon trading, with the NYSE Financial Index rising 0.6% and the Financial Select Sector SPDR Fund (XLF) up 0.8%.

The Philadelphia Housing Index was gaining 1.3% and the Real Estate Select Sector SPDR Fund (XLRE) rose 0.5%.

Bitcoin (BTC-USD) shed 1.5% to $67,617, and the yield for 10-year US Treasuries was rising 8.3 basis points to 4.39%.

In economic news, nonfarm payrolls rose by 303,000 in March, the Bureau of Labor Statistics reported Friday. The consensus in a survey compiled by Bloomberg was for an increase of 214,000.

In corporate news, BlackRock (BLK) has been replaced as a money manager for the Texas Permanent School Fund by Dimensional Fund Advisors and Intech, according to Bloomberg, which cited a spokesperson for the $53 billion pension fund. BlackRock shares were rising 0.8%.

A US appeals court on Friday reopened a consumer lawsuit against Coinbase (COIN) that alleges the cryptocurrency exchange facilitated the sale of unregistered securities, Bloomberg reported. Coinbase shares were falling 3%.

JPMorgan Chase (JPM) has placed new officials at the helm of its global banking division, Reuters reported late Thursday. The new structure merges the commercial, corporate, and investment banking groups under executives Filippo Gori and Doug Petno, the report said. JPMorgan rose 1.1%.

A US appeals court ruled Friday that the Department of Justice can reopen an antitrust investigation into the policies of the National Association of Realtors, Bloomberg reported. Zillow (ZG) shares were up 1.1% and Re/Max (RMAX) was shedding 1.2%.

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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