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Sector Update: Financial Stocks Decline Monday Afternoon
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Sector Update: Financial Stocks Decline Monday Afternoon
Feb 10, 2025 11:13 AM

01:51 PM EST, 02/10/2025 (MT Newswires) -- Financial stocks fell in Monday afternoon trading, with the NYSE Financial Index down 0.4% and the Financial Select Sector SPDR Fund (XLF) off 0.8%.

The Philadelphia Housing Index rose 0.3%, and the Real Estate Select Sector SPDR Fund (XLRE) was steady.

Bitcoin (BTC-USD) increased 0.7% to $97,110, and the yield for 10-year US Treasuries was steady at 4.49%.

In regulatory news, Consumer Financial Protection Bureau Chief Operating Officer Adam Martinez told workers Sunday to work remotely as the agency's Washington headquarters would be closed through Friday, CNBC reported.

In sector news, the AAA ratings of the World Bank and those of other top multilateral lenders would be at risk if the US pulls support for them, Moody's said, according to Reuters and The Guardian, citing a report from the credit rating company.

In corporate news, Canada's Toronto-Dominion Bank ( MLWIQXX ) announced plans to sell its 10.1% stake in Charles Schwab ( SCHW ) as part of a review that followed a money laundering penalty in the US last year. Toronto-Dominion shares rose 3.3%, and Charles Schwab ( SCHW ) fell 2.6%.

American Express ( AXP ) shares were down 2.1% after Chief Financial Officer Christophe Le Caillec said Q1 revenue growth would be lower than Q4 growth.

GCM Grosvenor ( GCMG ) shares popped 4.3% after it reported higher Q4 adjusted net income and operating revenue.

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