Financial Sector Update for 06/17/2024: UBS, ORRF, CVLY, MYFW

Financial Market Performance:

• Financial stocks were higher in Monday afternoon trading, with the NYSE Financial Index rising 0.2% and the Financial Select Sector SPDR Fund (XLF) ahead 0.5%.
• The Philadelphia Housing Index was up 0.4%, while the Real Estate Select Sector SPDR Fund (XLRE) was shedding 0.5%.
• Bitcoin (BTC-USD) was declining 1% to $65,996, and the yield for 10-year US Treasuries was rising 6 basis points to 4.28%.

Corporate News:

• UBS (UBS) is being sued by Russian-Uzbek billionaire Alisher Usmanov in Germany over alleged reports made by the bank about Usmanov's deals that resulted in an investigation of him by German authorities. UBS was up 2.2%.
• Orrstown Financial Services (ORRF) and Codorus Valley Bancorp (CVLY) expect to close their proposed merger on July 1 after receiving all remaining approvals and waivers needed from state and federal regulators. Orrstown added 1.4% and Codorus popped 2.3%.
• First Western Financial (MYFW) shares rose 0.5% after its board authorized a stock buyback program for up to 200,000 shares, or 2%, of its outstanding shares.

Disclaimer:

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