Financial Sector Update for 04/16/2024: MCBC, WTFC, MS, BK, XLF, FAS, FAZ

Financial stocks were advancing pre-bell Tuesday as the Financial Select Sector SPDR Fund (XLF) was 0.1% higher recently.

The Direxion Daily Financial Bull 3X Shares (FAS) was up 1% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.8% lower.

Macatawa Bank (MCBC) was rallying by over 38% after the company and Wintrust Financial (WTFC) said they struck a merger agreement for Wintrust to buy Macatawa in an all-stock deal. The transaction values Macatawa at about $510.3 million, or $14.85 per share.

Bank of New York Mellon (BK) was up more than 2% after it reported higher Q1 adjusted earnings and revenue.

Morgan Stanley (MS) rose past 4% after it reported higher Q1 earnings and revenue.

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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