Financial Sector Update for 05/22/2024: BCS, ARES, CG, XP, ICE

Financial stocks fell in late Wednesday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each decreasing 0.6%.

The Philadelphia Housing Index slumped 2.6%, and the Real Estate Select Sector SPDR Fund (XLRE) dropped 1.1%.

Bitcoin (BTC-USD) rose 0.5% to $69,632, and the yield for 10-year US Treasuries gained 1.6 basis points to 4.43%.

In economic news, members of the Federal Reserve's monetary policy committee suggested earlier this month that the disinflation process was expected to take longer than forecast, minutes from the committee's April 30-May 1 meeting showed Wednesday.

In corporate news, Barclays (BCS) is reportedly planning to require scores of workers to be in the office five days a week, Bloomberg reported. The move comes after the Financial Industry Regulatory Authority adopted new rules that would require brokerages to list some home offices in regulatory records and set up regimes for some home offices to satisfy periodic workplace requirements for inspections. Barclays shares fell 3%.

Ares Management (ARES) and Carlyle (CG) are among investors the National Football League is looking to pre-approve to own minority stakes in teams, Bloomberg reported Wednesday. Ares shares rose 0.1%, and Carlyle shed 1.1%.

Intercontinental Exchange (ICE) will pay a $10 million penalty to settle charges of delayed reporting of a cyber-intrusion incident by its subsidiaries, including the New York Stock Exchange, the Securities and Exchange Commission said. Intercontinental Exchange shares fell 0.5%.

XP (XP) shares fell 16%, a day after the company posted Q1 earnings below market expectations.

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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