The Philadelphia Housing Index was climbing 1.4% and the SPDR Real Estate Select Sector ETF (XLRE) was advancing 1.9% after the National Realtors Association said existing home sales fell 2.7% during March to an annualized pace of 5.77 million homes compared with market expectations for a 4.1% decline last month. Median home prices rose 15% over year-ago levels to a record $375,300, the trade group said.
Bitcoin was falling 0.8% to $41,157, see-sawing between small gains and losses, while the yield for 10-year US Treasuries was slipping 7.3 basis points to 2.84%.
In company news, MarketAxess Holdings (MKTX) gained 4.7% after the fixed-income trading platform company Wednesday reported Q1 net income of $1.71 per share, down from its $2.11 per share year-ago profit but still topping the $1.68 per share analyst consensus call. MarketAxess shares dropped as much as 10% in early trade after saying its Q1 revenue fell 4.8% year-over-year to $186.1 million, narrowly lagging the $186.1 million Street view.
M&T Bank (MTB) rose 9.5% after reporting Q1 net income of $2.62 per share, down from its $3.33 per share profit during the first three months of 2021 but still breezing past the Capital IQ consensus expecting $1.85 per share. Total revenue for the bank holding company declined 2.7% from year-ago levels to $1.45 billion but also exceeded the $1.43 billion analyst mean.
Farmers & Merchants Bancorp (FMAO) added 7% after reporting Q1 net income of $0.62 per share, improving on earnings of $0.44 per share during the year-ago quarter and beating the Capital IQ consensus by $0.05 per share. Total revenue also increased 20.5% to $24.1 million during the three months ended March 31.
Cambridge Bancorp (CATC) was climbing 4.3% after the bank holding company reported Q1 net income of $1.89 per share on $43.2 million in revenue, topping the Capital IQ consensus expecting it to earn $1.80 per share on $42.9 million in revenue.
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