Sector Update: Financial Stocks Retreat Monday in Broad-Based Decline
Financial stocks continued to lose ground during afternoon trading, with the NYSE Financial Index sliding 2.0% and the SPDR Financial Select Sector ETF XLF off 1.8%.
The Philadelphia Housing Index was dropping 2.2% and the SPDR Real Estate Select Sector ETF XLRE was declining 2.9%.
Bitcoin was declining 1.9% to $16,245, while the yield for 10-year US Treasuries was climbing 1.2 basis points to 3.703%.
In company news, INDUS Realty Trust IINDT gained almost 12% after the real estate investment trust Monday said it received an unsolicited, non-binding buyout offer from privately held Centerbridge Partners and GIC Real Estate for $65 per INDUS share in cash. Centerbridge already owns a 14.8% stake in INDUS.
Bit Origin BTOG closed nearly 13% higher after saying it mined 24.3 bitcoins during October, down 8% from the previous month, while revenue fell 9% compared with September levels to $477,637 last month. The cryptocurrency firm also said it expects to begin operations in December in a mining site currently under development.
Arthur J Gallagher AJG fell 1.4% after the insurance broker said it acquired privately held Bulen & Associates Insurance Services. The financial terms of the deal were not disclosed.
Reliance Global Group RELI rose 3.2% after the wholesale and retail insurance firm announced a new, referral partnership with commercial mortgage financing provider Eastern Union Funding, allowing Reliance to now refer clients to Eastern Union for commercial real estate financing and adding another potential new revenue stream for its RELI Exchange agents.