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Financial stocks were advancing in Monday afternoon trading, with the NYSE Financial Index rising 0.8% and the Financial Select Sector SPDR Fund (XLF) ahead 1.1%.
The Philadelphia Housing Index was adding 0.7%, and the Real Estate Select Sector SPDR Fund (XLRE) was up 0.5%.
Bitcoin (BTC/USD) was declining 3.6% to $57,639, and the yield for 10-year US Treasuries was down 2.6 basis points to 3.62%.
In economic news, the New York Federal Reserve's Empire State manufacturing index jumped to 11.5 in September from minus 4.7 in August, compared with an improvement to minus 4 expected in a survey compiled by Bloomberg.
In corporate news, Carlyle reported "a strategic investment" in North Bridge ESG and a commitment to provide up to $1 billion to facilitate the origination of commercial property assessed clean energy loans by North Bridge. Carlyle shares added 1.3%.
Sterling Bancorp shares tumbled nearly 20% after the company said it has agreed to sell Sterling Bank and Trust to EverBank Financial for $261 million in cash.
Citigroup is selling its trust administration and fiduciary business Citi Trust to professional services provider JTC for $80 million, JTC said Monday. Citigroup shares rose 1.2%.
U.S. stocks traded mixed midway through trading, with the Nasdaq Composite falling around 1% on Monday.
The Dow traded up 0.29% to 41,512.19 while the NASDAQ fell 0.96% to 17,514.54. The S&P 500 also fell, dropping, 0.24% to 5,612.35.
Check This Out: This Analyst With 86% Accuracy Rate Sees Around 9% Upside In RH – Here Are 5 Stock Picks For Last Week From Wall Street’s Most Accurate Analysts
Leading and Lagging Sectors
Energy shares jumped by 1.1% on Monday.
In trading on Monday, information technology shares fell by 0.9%.
Top Headline
The NY Empire State Manufacturing Index rose to 11.5 in September, recording the highest level since April 2022, versus -4.7 in August and market estimates of -3.9.
Equities Trading UP
Equities Trading DOWN
Commodities
In commodity news, oil traded up 1.4% to $69.66 while gold traded up 0.2% at $2,616.10.
Silver traded up 0.8% to $31.325 on Monday, while copper rose 1.1% to $4.2840.
Euro zone
European shares were mostly lower today. The eurozone's STOXX 600 fell 0.21%, Germany's DAX fell 0.42% and France's CAC 40 fell 0.22%. Spain's IBEX 35 Index rose 0.07%, while London's FTSE 100 fell 0.06%.
The Eurozone recorded a trade surplus of EUR 21.2 billion in July, higher than market estimates of EUR 14.9 billion. Wages in the Eurozone increased 4.5% year-over-year in the second quarter, while hourly labor costs climbed by 4.7% year-over-year in the quarter. Italy reported a trade surplus of EUR 6.743 billion in July versus a year-ago surplus of EUR 6.108 billion.
Asia Pacific Markets
Asian markets closed mostly higher on Monday, with Hong Kong's Hang Seng Index gaining 0.31% and India's BSE Sensex gaining 0.12%.
Total passenger vehicle sales in India declined 1.6% year-over-year to 308,779 in August versus a 1.9% decline in the prior month.
Economics
The NY Empire State Manufacturing Index rose to 11.5 in September, recording the highest level since April 2022, versus -4.7 in August and market estimates of -3.9.
Now Read This:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Sterling Bancorp, Inc. shares are trading lower after the company disclosed a definitive deal to sell Sterling Bank to EverBank Financial Corp. for $261 million in cash.
Also, the company adopted a plan of dissolution and expects to wind down as quickly as possible after the sale.
Trustees representing 38% of Sterling’s common stock have agreed to vote in favor of the sale.
The deal is subject to regulatory and shareholder approval and is expected to close in the first quarter of 2025.
As part of the sale to EverBank, Sterling Bank will sell all its residential tenant-in-common mortgage loans to Bayview Acquisitions LLC before the closing.
After the sale, Sterling Bank will merge into EverBank, with all branches (except the Michigan branch, which will close) operating as EverBank locations. Depositors will retain FDIC coverage, and loan customers will be transitioned to EverBank’s platform.
Following the sale, Sterling plans to voluntarily delist its common stock from Nasdaq and deregister to end its reporting obligations under the Securities Exchange Act.
As of June 30, 2024, cash and due from banks stood at $599.8 million.
Price Action: SBT shares are down 19.8% at $4.61 at the last check Monday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Financial stocks were advancing pre-bell Monday, with The Financial Select Sector SPDR Fund 0.5% higher.
The Direxion Daily Financial Bull 3X Shares was up 1.4% and its bearish counterpart Direxion Daily Financial Bear 3X Shares was 1.2% lower.
Sterling Bancorp shares were down more than 10% after the company said it has agreed to sell Sterling Bank and Trust to EverBank Financial for $261 million in cash.
Deutsche Bank is looking into how it can hamper UniCredit SpA's ability to purchase Commerzbank AG, Bloomberg reported, citing people with knowledge of the matter. Deutsche Bank shares were down more than 1% premarket.
The Bank of New York Mellon stock was up 1.5% after the company said it plans to roll out a data, software, and services platform, Alts Bridge, for clients to access alternative and private market investment products.
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