Financial Sector Update for 01/25/2023: FMNB, NDAQ, PGR

Financial stocks were beginning to recover Wednesday afternoon trading, with the NYSE Financial Index falling just 0.1% and the Financial Select Sector SPDR Fund (XLF) was rising 0.4%.

The Philadelphia Housing Index was climbing 0.1%, while the Real Estate Select Sector SPDR Fund (XLRE) was slipping 0.6%.

Bitcoin was declining 1.4% to $22,643, while the yield for 10-year US Treasuries was slipping 1.3 basis points to 3.456%.

In company news, Farmers National Banc (FMNB) dropped 6.8% after Wednesday reporting a decline in adjusted net income from year-ago levels, falling to $0.42 per share during the three months ended Dec. 31 from $0.50 a yearr earlier and missing the three-analyst consensus looking for a $0.45. Total revenue also dropped to $37.6 million from $39.2 million during the final quarter of 2021 and also trailing the $41.4 million Street view.