TRV

Financial Sector Update for 04/17/2024: TRV

Financial stocks were mixed in Wednesday afternoon trading, with the NYSE Financial Index fractionally lower and the Financial Select Sector SPDR Fund (XLF) up 0.3%.

The Philadelphia Housing Index was decreasing 0.4%, and the Real Estate Select Sector SPDR Fund (XLRE) was down 0.3%.

Bitcoin (BTC-USD) fell 4.9% to $60,636, and the yield for 10-year US Treasuries was dropping 7 basis points to 4.59%.

In economic news, mortgage applications rose for the second consecutive week, driven by purchasing activity, even though rates increased across all loan types, the Mortgage Bankers Association said Wednesday. The market composite index gained 3.3% for the week ended April 12 on a seasonally adjusted basis. That's after a 0.1% increase the week before.

In corporate news, Travelers (TRV) shares sank nearly 8% after the insurer reported weaker-than-expected Q1 results amid higher catastrophe losses.

Prologis (PLD) reported increases in core funds from operations and revenue for Q1 on Wednesday while tempering expectations for the full year amid a slowdown in leasing activity. Its shares tumbled 6.5%.

US Bancorp (USB) reported Q1 earnings Wednesday of $0.78 per share, down from $1.04 a year earlier. Analysts polled by Capital IQ expected $0.83. The company's shares fell almost 4%.

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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