Financial Sector Update for 09/11/2019: SCHW,BEN,MA

Top Financial Stocks

JPM 0.00%

BAC +0.20%

WFC +1.07%

C -0.16%

USB -0.45%

Financial stocks were maintaining small gains this afternoon, including a 0.3% advance for the NYSE Financial Index while shares of financial companies in the S&P 500 were climbing 0.3%. The Philadelphia Housing Index was rising 1%.

Among financial stocks moving on news:

(+) Charles Schwab (SCHW) was 1.3% higher following reports the discount broker is planning to eliminate about 600 jobs, or roughly 3% of its total headcount. The job cuts will affect all employee grade-levels, a company spokeswomen told Reuters.

In other sector news:

(+) Franklin Resources (BEN) was narrowly higher this afternoon. The company reported a prelimiary 4.4% drop in assets under management during August compared with the year-ago period, falling to $690.6 billion.

(-) Mastercard (MA) declined fractionally Wednesday after the credit card issuer said it was teaming up with enterprise blockchain software firm R3 to develop a new blockchain-powered cross-border payments product. The new product will focus on linking global payments infrastructures and banks with a clearing and settlement network to be operated by the company, Mastercard said.

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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