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Sector Update: Financial Stocks Advance Late Afternoon

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Financial stocks rose in late Wednesday afternoon trading, with the NYSE Financial Index increasing 1.5% and the State Street Financial Select Sector SPDR ETF (XLF) adding 2.2%.

The Philadelphia Housing Index was falling 1.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.7%.

Bitcoin (BTC-USD) was increasing 2.9% to $60,189, and the yield for 10-year US Treasuries rose 5.7 basis points to 4.475%.

In economic news, outplacement firm Challenger, Gray & Christmas said companies planned to cut 45,849 jobs in June, down from 97,006 in May and 47,999 a year ago. The largest layoff counts in June were in the technology and services sectors.

ADP's monthly measure of private payrolls showed a 98,000 increase in June, below expectations for an increase of 120,000 in a Bloomberg-compiled survey.

The Institute for Supply Management's US manufacturing index fell to 53.3 in June from 54.0 in May, compared with forecasts for 53.9 in a Bloomberg-compiled poll, indicating a slower pace of expansion.

The S&P Global US manufacturing index for June was revised down to 53.9 from the flash reading of 55.7, versus expectations for an unrevised reading in a Bloomberg-compiled survey.

In sector news, US banks are expected to report double-digit growth in Q2 core earnings, buoyed by factors including net interest revenue and core noninterest income, RBC Capital Markets said in a Wednesday note. RBC is projecting a 19% annual jump in banks' median core earnings per share from a year earlier. Consensus estimates point to a 21% increase, according to the brokerage.

In corporate news, Robinhood (HOOD) launched perpetual futures with no expiry date tied to commodities like gold, silver, and crude oil, as well as exchange-traded funds, and currencies in Europe, multiple media outlets reported Wednesday. Robinhood shares jumped past 8%.

Phil Tseng, chief executive of BlackRock's (BLK) troubled private credit fund, is leaving the company, Bloomberg reported. Tseng remains an employee of the company for now, and the time of his departure hasn't been finalized, the report said. BlackRock shares were up 1.9%.

Klarna (KLAR) said a court ruled in favor of its PriceRunner unit, awarding it $1.97 billion in damages in an antitrust lawsuit against Alphabet's (GOOGL) Google. Klarna said the award compensates the company for lost revenue due to Google's preference of its own comparison-shopping service over independent services. Klarna shares rose 1.8%.

JPMorgan Chase's (JPM) asset management unit is the leading bidder to buy Idex, Antin Infrastructure Partners' French heating and cooling network operator, Bloomberg reported. Idex could be valued at between 3 billion euros ($3.4 billion) and 4 billion euros, including debt, in a potential acquisition, the report said. JPMorgan shares added 1.8%.

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