Industry update: Financial stocks end nearly 1% higher as a group

Financial stocks largely stabilized in afternoon trading, with the NYSE Financial Index up 0.8% and the SPDR Financial Select Sector ETF (XLF) up 0.9%.

The Philadelphia Housing Index was up 1.8% and the SPDR Real Estate Select Sector ETF (XLRE) was up 1.9% despite the Mortgage Bankers Association saying demand for new or refinanced fell 10% last week and 12% from last week last year as interest rates for a standard 30-year mortgage approached 4.0%.

Bitcoin was up 1.7% at $44,603, while the yield on 10-year US Treasuries fell 2.5 basis points to 1.929%.

In business news, Banco Bradesco (BBD) fell 8.5% after the Brazilian banking firm reported a fall in its fourth-quarter recurring net profit to 6.61 billion Brazilian reais (1.26 billion) against a recurring profit of 6.80 billion reais in the same quarter last year and lagging Capital IQ’s consensus which expects 6.97 billion reais for the three months ended December 31st.

CNB Financial (CCNE) fell 2% after announcing that Joseph Bower Jr. planned to retire as managing director of its CNB Bank unit on July 1 and CEO of the bank’s holding company at the end of the year. Chief operating officer Michael Peduzzi will succeed Bower in both roles, CNB Financial said.

On the upside, National Retail Properties (NNN) rose 1% after the real estate investment trust reported fourth-quarter results that beat Wall Street expectations and also raised its outlook for adjusted operating funds for the Fiscal 22. Excluding one-time items, fourth quarter FFO increased to $0.77 per share from $0.69 per share in the prior year quarter, while revenue increased 14.7% to reach $187.3 million. Analysts on average had expected $0.75 per share and $184.4 million, respectively.

CME Group (CME) rose 3.5% after the stock market reported non-GAAP fourth-quarter net income of $1.66 per share, improving adjusted earnings of $1.39 per share in the last three months of 2020 and beating the Capital IQ consensus by $0.02 per share.

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