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Financial Sector Update for 06/16/2021: C,PGR,SOFI

Financial stocks were sliding in afternoon trading, with the NYSE Financial Index dropping 0.6% while the SPDR Financial Select Sector ETF was off 1% ahead of the Federal Open Market Committee policy statement at 2 pm ET.

The Philadelphia Housing Index was also falling 0.4% although the SPDR Real Estate Select Sector ETF was rising 0.3%, reversing a small decline earlier that followed new data showing May housing starts and new building permits both lagging consensus opinion.

In company news, Citigroup (C) fell 4.4% after Chief Financial Officer Mark Mason told an investor the company was expecting declines in Q2 revenue for its investment banking unit and its North America consumer banking business compared with year-ago levels as well as drops for its fixed income and equities markets business during the current quarter.

Progressive (PGR) was nearly 1% lower after the insurer said it earned $0.58 per share during May, down compared with its $0.62 per share profit in May 2020, net premiums written grew 7.3% year over year to $3.40 billion last month.

SoFi Technologies (SOFI) rose 3.8% after Rosenblatt started analyst of the company with a buy rating and a $30 price target.

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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