Financial Sector Update for 09/17/2021: PGR, IVZ, MUFG

Financial stocks were weaker late Friday with the NYSE Financial Index dropping 0.7% while the SPDR Financial Select Sector ETF (XLF) was off 0.3%. The Philadelphia Housing Index was falling 0.3%.

In company news, Progressive (PGR) was 0.6% lower after it booked a net loss of $0.02 per share in August, compared with net income of $0.83 per share in the same month a year before.

Invesco (IVZ) is in discussions over a potential merger with State Street's (STT) asset-management subsidiary, according to media reports, sending Invesco's shares 5% higher, while State Street was down over 3%.

Mitsubishi UFJ Financial Group (MUFG) was nearly 1% lower after Bloomberg reported that it is considering selling its US banking unit MUFG Union Bank.

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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