Financial Sector Update for 03/30/2023: APO, SQ, JPM, WFC, CARE

Financial stocks were mixed in late afternoon trading, with the NYSE Financial Index little changed and the Financial Select Sector SPDR Fund (XLF) down 0.2%.

The Philadelphia Housing Index was down 0.2% and the Real Estate Select Sector SPDR Fund (XLRE) was up 1.3%.

Bitcoin (BTD-USD) was declining 1.2% to $28,019, while the yield for 10-year US Treasuries eased 1.5 basis points to 3.551%.

US initial jobless claims rose to 198,000 in the week ended March 25 from an unrevised 191,000 level in the previous week, compared with expectations for a smaller increase to 196,000 in a survey of analysts compiled by Bloomberg.

In company news, Apollo Global Management (APO) was up 1.3%. The company is considering a bid of up to $2.78 billion for aerospace parts marker Arconic (ARNC), Bloomberg reported, citing a person familiar with the matter.

Block (SQ) shares were up 3% after it said Thursday it estimates that 97% of inflows on its Cash App are from the 44 million accounts verified by the company’s identity verification program.

The Federal Deposit Insurance Corp. is planning to transfer a larger portion of its $23 billion burden from recent bank failures to large lenders like JPMorgan Chase (JPM) and Wells Fargo (WFC), Bloomberg News reported Thursday, citing people familiar with the matter. JP Morgan was 0.3% lower, while Wells Fargo was down 1.5%.

Carter Bankshares (CARE) dropped 1.2%. The company’s board approved a stock-buyback plan to repurchase up to 1 million of its common shares, effective May 1.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.