Financial Sector Update for 05/23/2024: BOW, TD, MS, COIN

Financial stocks were retreating in late Thursday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each shedding 1.5%.

The Philadelphia Housing Index was falling 1.2%, and the Real Estate Select Sector SPDR Fund (XLRE) dropped 2%.

Bitcoin (BTC-USD) fell 2.6% to $67,284, and the yield for 10-year US Treasuries was rising 4 basis points to 4.48%.

In economic news, US initial jobless claims fell to 215,000 in the employment survey week ended May 18 from an upwardly revised 223,000 level in the previous week, compared with expectations for a small decrease to 220,000 in a survey of analysts compiled by Bloomberg.

The May flash reading of manufacturing conditions from S&P Global rose to 50.9 from 50 in April, versus the 49.9 anticipated in a survey compiled by Bloomberg.

US new-home sales declined to a 634,000 annual rate in April from a downwardly revised 665,000 rate in March, compared with expectations for an increase to a 678,000-rate in a survey compiled by Bloomberg.

In corporate news, Bowhead Specialty (BOW) shares rose sharply on their debut on the New York Stock Exchange Thursday after the company priced its initial public offering of about 7.5 million shares at $17 each to raise $128 million. The stock was up 39% in recent trading.

Toronto-Dominion Bank (TD) fired employees responsible for lapses in its anti-money laundering program in the US, Chief Executive Bharat Masrani said Thursday. The bank's shares were dropping 2%.

Morgan Stanley (MS) Chair James Gorman will step down from his post at the end of the year, the company told MT Newswires in an email. Morgan Stanley shares fell 2%.

The US Supreme Court ruled against Coinbase (COIN) in a jurisdiction case involving a contract dispute over its promotional Dogecoin sweepstakes. Coinbase shares dropped more than 5%.

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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