Financial Sector Update for 09/20/2022: HLNE,PYPL,MS

Financial stocks were losing ground in afternoon trading, with the NYSE Financial Index Tuesday sliding 1.5% while the SPDR Financial Select Sector ETF (XLF) was off 1.8%.

The Philadelphia Housing Index was dropping 3.1% and the SPDR Real Estate Select Sector ETF (XLRE) was slipping 2.6%. Data Tuesday showed housing starts rebounded 12.2% during August over the previous month, well above market forecasts looking for a 2.9% increase last month. Contractors pulled 10% fewer permits last month compared with expectations for a 4.5% drop in August.

Bitcoin was declining 0.8% to $19,015, while the yield for 10-year US Treasurys was climbing 5.9 basis points to 3.549%.

In company news, Hamilton Lane (HLNE) declined 2.7% after late Monday disclosing an unspecified strategic investment in StashAway, a digital wealth management platform based in Singapore, as part of its expansion into southeast Asia.

PayPal (PYPL) fell 3.7% after Susquehanna Tuesday cut its stock rating for the payments processor to neutral from positive and also lowered its price target for Paypal shares by $15 to $100.

Morgan Stanley (MS) slid 1.9% after agreeing to pay $35 million to settle a US Securities and Exchange Commission investigation into whether it adequately protected the personal data of 15 million customers of its wealth and asset management unit as it decommissioned local office and branch servers as part of a broader hardware refresh program.

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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