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Sector Update: Financial

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Financial stocks were slightly lower in late Friday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each fractionally lower.

The Philadelphia Housing Index shed 0.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) rose 0.3%.

Bitcoin (BTC-USD) was falling 1% to $63,042, and the yield for 10-year US Treasuries rose 5.5 basis points to 4.696%.

In corporate news, T. Rowe Price (TROW) CEO Rob Sharps has predicted that it will take another couple of years to reverse the outflows amid passive competition, the Financial Times reported. The company is considering options like acquisitions in growth areas in a bid to ease the ongoing strain and return to positive flows faster, the report said, citing an interview with Sharps. T. Rowe Price shares were down 0.8%.

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