Financial Sector Update for 09/08/2021: COIN,PYPL,FIS

Financial stocks were edging lower in afternoon trading, with the NYSE Financial Index dropping less than 0.1% while the SPDR Financial Select Sector ETF (XLF) was off 0.2%.

The Philadelphia Housing Index also was falling 1.5% although the SPDR Real Estate Select Sector ETF (XLRE) was up 0.4%.

In company news, Coinbase Global (COIN) slid 2.5% after late Tuesday disclosing it has received a Wells notice from the US Securities and Exchange Commission warning that it will pursue enforcement action againstthe cryptocurrency exchange company if it proceeds with the launch of its Lend digital assets lending program.

PayPal (PYPL) was down 1.5%, reversing a 1% morning gain that followed the online payments company announcing its purchase of Japanese buy-now, pay-later processor for 300 billion yen ($2.7 billion), expanding its capabilities and distribution in the world's third largest e-commerce market.

Among gainers, Fidelity National Information Services (FIS) climbed 3.6% after Wednesday saying former chief operating officer Stephanie Ferris returned to the financial technology firm late last week in the newly created role of chief administrative officer with responsibility for leading strategic initiatives and potential mergers and acquisitions. She previously was chief financial officer at merchant services company Worldpay, which FIS acquired in July 2019.

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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