Accounts payable

Sector Update: Financials Dip This Afternoon Amid New Inflation Concerns

Financial stocks fell in afternoon trading, with the NYSE financial index falling 1.3% while the SPDR Financial Select Sector ETF (XLF) fell 1.1%.

The Philadelphia housing index also rose 0.2%, although the SPDR Real Estate Select Sector (XLRE) ETF fell 0.3% after new data showed housing starts in the United States fell at an annualized rate of 1.52 million in October from September’s pace of 1.53 million, lagging market expectations. for an annual rate of 1.579 million.

Bitcoin was 0.5% lower at $ 60,344, while the yield on 10-year U.S. Treasuries was more than a basis point lower at 1.620%.

In company news, StoneCo (STNE) plunged nearly 34% after the Brazilian fintech firm overnight reported non-GAAP net income of 0.46 Brazilian real ($ 0.11) per share, cutting its adjusted earnings of $ 0.99 real per share by more than half in the same quarter last year and lagging behind Capital IQ’s consensus expecting 0.63 real per share.

DLocal (DLO) fell more than 21% after the payments processor reported third-quarter net income of $ 0.06 per share, doubling its earnings to $ 0.03 per share in the same quarter of l last year, but still behind by $ 0.01 per share on Capital IQ’s consensus.

AvidXchange Holdings (AVDX) rose nearly 12% after the accounts payable software company on Tuesday night announced a 37% increase in third-quarter revenue to $ 65.2 million, topping 61 , $ 6 million from Street View.

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