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Market overview: Apollo Global, Brookfield Infrastructure report Q3 earnings boost; Pineapple Financial slides

EditorAmbhini Aishwarya
Published 02/11/2023, 11:24
© Reuters.
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Shares of Apollo Global Management (NYSE:APO) and Brookfield Infrastructure (NYSE:BIPC) Partners (NYSE:BIP) experienced significant growth following their Q3 performance reports. Apollo's shares surged 8.6% as a result of increased earnings in Q3, while Brookfield saw a 10% share increase after reporting a boost in its Q3 funds from operations.

In other financial news, the NYSE Financial Index and XLF fund witnessed an uptick on Wednesday afternoon, rising by 0.8% and 0.7%, respectively. Additionally, the Philadelphia Housing Index and XLRE fund also saw growth, increasing by 3.3% and 0.5%, respectively.

Meanwhile, JPMorgan Chase (NYSE:JPM) is currently looking into potential partnerships to expand its private credit business operations. This move comes amidst broader fluctuations in the financial sector.

On the downside, Pineapple Financial's initial public offering (IPO) led to a significant drop in shares by 30%, with each share priced at $4. The company's IPO marks a notable event in the financial industry, but it remains to be seen how this will impact Pineapple Financial's future trajectory.

On the cryptocurrency front, Bitcoin's value experienced a slight decrease, falling to $34,572. In contrast, the yield for 10-year US Treasuries also decreased, settling at 4.79%. The federal funds rate, as determined by the US Federal Open Market Committee, remained steady at between 5.25% and 5.5%.

Overall, the financial sector exhibited mixed results on Wednesday, with some stocks seeing growth while others faced challenges.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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