Banking

Financial Sector Update for 10/18/2021: BTCM,SOFI,IBKR,UPST

Financial stocks were ending little changed on Monday, with the NYSE Financial Index falling less than 0.1% while the SPDR Financial Select Sector ETF (XLF) was slipping almost 0.1%.

The Philadelphia Housing Index was climbing 1.5%, and the SPDR Real Estate Select Sector ETF (XLRE) was up 0.1% amid a rise in US homebuilder sentiment during October as measured by the National Association of Home Builders/Wells Fargo Housing Market Index released earlier Monday, climbing to an 80 reading this month from a 75 reading in September.

In company news, BIT Mining (BTCM) was edging 1.2% lower in late Monday trading after saying it will invest an additional $11 million to expand its cryptocurrency mining joint venture in Ohio. The new funding will boost the facility's power requirements by over 75% over initial plans to 150 megawatts when the operation reaches full power by March 31.

Upstart Holdings (UPST) slid 1.4% after BofA Securities downgraded the lender's stock to underperform from buy while raising its price target by $100 to $300.

To the upside, SoFi (SOFI) rose 7.6% after privately held Pagaya Technologies announced a new partnership with the loans marketer expected to expand Sofi members' access to financial products by using machine learning to reduce lending risks. The companies said the deal marks the largest deployment of Pagaya's technology in finance.

Interactive Brokers Group (IBKR) climbed nearly 1% after saying it enabled cryptocurrency trading on its platform for registered investment advisors on behalf of US clients.

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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