Financial Sector Update for 12/08/2023: AX, MBI, DLR, BX

Financial stocks advanced in Friday afternoon trading, with the NYSE Financial Index rising 0.2% and the Financial Select Sector SPDR Fund (XLF) up 0.3%.

The Philadelphia Housing Index climbed 0.8%, and the Real Estate Select Sector SPDR Fund (XLRE) fell 0.9%.

Bitcoin (BTC-USD) increased 1.4% to $43,869, and the yield for 10-year US Treasuries rose 10 basis points to 4.23%.

In economic news, nonfarm payrolls rose by 199,000 last month, the Bureau of Labor Statistics said. The consensus was for a 185,000 gain, according to a survey compiled by Bloomberg.

The University of Michigan's preliminary consumer sentiment index rose to 69.4 in December from 61.3 in November, above expectations for an increase to 62 in a survey compiled by Bloomberg.

In corporate news, Axos Financial (AX) shares jumped 8.5% after the Axos Bank unit completed the acquisition of two commercial real estate loan portfolios, which also include multi-family loans, from the Federal Deposit Insurance Corp. at 63% of par value.

MBIA (MBI) shares were soaring 76% on Friday, a day after the bond insurance company declared an extraordinary cash dividend and reported dividends from its National Public Finance Guarantee unit.

Digital Realty (DLR) and Blackstone (BX) said late Thursday they are setting up a joint venture to develop data center facilities. The four data center campuses have an estimated development cost of about $7 billion over several years. Digital Realty rose 0.2% and Blackstone was shedding 1.5%.

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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