Sector Update: Financial Stocks Sputtering Near Monday Close

Financial stocks ended tightly mixed by late afternoon, with the NYSE Financial Index rising 0.1% and the SPDR Financial Select Sector ETF (XLF) falling 0.4%.

The Philadelphia Housing Index fell 0.7% and the SPDR Real Estate Select Sector ETF (XLRE) slid 1.0% after the National Association of Home Builders reported a 12-point drop in its market index for July, falling to 55 readings from with market expectations for a reading of 65 this month.

Bitcoin rose 3.3% to $21,712, while the yield on 10-year U.S. Treasuries rose 3.0 basis points to 2.96%.

In company news, Prologis (PLD) fell 1.5% this afternoon, returning a nearly 3% gain on Monday, after the real estate investment trust raised its outlook for FY22. , saying the market indicators it tracks “remain strong.” Excluding one-time items, the company now expects core funds from operations this year to be in the range of $5.14 to $5.18 per share, up from its earlier outlook of $5.10 to 5, $16 per share and straddling the Capital IQ consensus looking for a base FFO of $5.15 per share.

On the upside, Goldman Sachs (GS) added 1.8% after reporting net income of $7.73 per share in the second quarter, nearly halving its profit of $15.02 per share during the year-ago period, but still beating the consensus of Capital IQ, which expects $6.69 per share for the three months. ended June 30. The investment banking giant’s revenue fell nearly 30% year-over-year to $11.86 billion, but also topped Street View’s $10.7 billion.AMTD Digital (HKD) rose nearly 72% on Monday, adding to a 230% lead on Friday that followed the digital bank and insurance company pricing a $124.8 million initial public offering of 16 million U.S. depositary shares at $7.80 each, near the top of its expected price range of $6.80 to $8.20 per ADS.

Grab Holdings (GRAB) soared 7.8% after JPMorgan raised its share rating for the mobile financial services company from neutral to overweight and also raised its price target for Grab shares by $0.50 at $3.50 each.

AMTD Digital (HKD) rose nearly 72% on Monday, adding to a 230% advance on Friday that followed the digital banking and insurance company pricing an initial public offering of 124, $8 million of 16 million shares of US Depository at $7.80 each, near the high of its expected $6.80 to $8.20 per ADS price range.

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