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Sector Update: Financial Stocks Climb Late Afternoon

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Financial stocks advanced in late Friday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each adding 1%.

The Philadelphia Housing Index increased 0.9%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was slightly higher.

Bitcoin (BTC-USD) popped 6.1% to $77,144, and the yield for 10-year US Treasuries rose 3.8 basis points to 4.74%.

In economic news, Bureau of Labor Statistics data revealed that the unemployment rate fell in 10 US States in July and remained steady elsewhere. The largest unemployment rate declines were observed in South Carolina, Ohio, Illinois, Washington, Pennsylvania, New York, and Rhode Island. The national unemployment rate was reported at 4.1% in July, down from 4.2% in June.

The August flash reading of manufacturing conditions from S&P Global fell to 53.2 from 53.9 in July, compared with expectations for no change in a survey compiled by Bloomberg. The index for services conditions rose to 56.8 in August from 54.6 in July, compared with expectations for a decrease to 54.

In corporate news, the US Securities and Exchange Commission has sued former Bank of America (BAC) investment banker Jason Satsky for tipping insider information to a friend, who allegedly made $18.5 million in illegal profits, Bloomberg reported. Satsky, who previously worked as Bank of America's head of energy and power infrastructure banking, tipped Gavin Wolfe about an acquisition proposal for South Jersey Industries in Nov. 2021, the report said. Bank of America shares were down 0.2%.

Apollo Global Management (APO) said in a letter Friday that a social-engineering attack targeted some cloud platforms between July 6 and July 10, resulting in a data breach. The company said information potentially impacted by the incident included names, dates of birth, contact information, home addresses, and Social Security numbers. Apollo shares were up 2%.

Goldman Sachs (GS) is gaining ground in India's government share-sale market, securing mandates for five of the 10 major transactions since the latest divestment wave began in December, Bloomberg reported. Goldman shares rose 3.6%.

KKR (KKR), alongside Dragoneer Investment and insurance distributor Amwins, has agreed to buy Steadfast in a deal worth about 7.7 billion Australian dollars ($5.52 billion), the Australian insurance broking giant said Friday. KKR shares added 1.6%.

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Sectors

Sector Update: Financial Stocks Softer Late Afternoon

Financial stocks declined in late Thursday afternoon trading, with the NYSE Financial Index shedding 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) down 0.7%.The Philadelphia Housing Index was falling 1.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.3%.Bitcoin (BTC-USD) popped 6.3% to $72,707, and the yield for 10-year US Treasuries rose 4.5 basis points to 4.70%.In economic news, US Treasury Secretary Scott Bessent said the department's government debt buyback program could surpass the previously announced $4 billion, CNBC reported Thursday, citing an interview with the official. Bessent also said the US' plans to step up economic pressure on Iran will likely negate the need to wage further military operations, CNBC reported.The Conference Board's measure of leading indicators rose by 0.2% in July, a larger gain than the 0.1% increase expected in a Bloomberg survey, and following a 0.1% decrease in June.The Philadelphia Federal Reserve's monthly manufacturing index rose to 47.4 in August, compared with 41.4 in July and an anticipated decrease to a 24.1 print in a Bloomberg survey.According to the US Labor Department, US initial jobless claims fell to 206,000 in the week ended Aug. 15 from an upwardly revised 212,000 in the week earlier, and lower than the 210,000 expected in a Bloomberg survey.In corporate news, KKR's (KKR) Arctos is in talks to buy 10% of the Atlanta Falcons at a $10.6 billion valuation, CNBC reported. Bloomberg separately reported that the Falcons are in discussions to sell a 10% stake to Arctos. KKR shares were down 2.9%.Intercontinental Exchange (ICE) is looking at participating in Polymarket's latest funding round, Bloomberg reported, citing an interview with the New York Stock Exchange parent company's CEO Jeff Sprecher. Sprecher said ICE would look at it, if it would help the round, after investing $1.64 billion in Polymarket through two funding rounds, the report said. Intercontinental Exchange shares added 1.1%.Prudential Financial's (PRU) asset-management arm PGIM said Thursday that its has agreed to buy up to $3 billion of home improvement loans from GreenSky under a three-year forward flow agreement. Prudential Financial shares declined 1%.Virtu Financial (VIRT) is exploring a potential sale of its brokerage and technology unit in a deal that could be worth up to $3.5 billion to $4 billion, Bloomberg reported. Virtu shares rose 1.7%.

$ICE$KKR$PRU$VIRT
Sectors

Sector Update: Energy Stocks Advance Late Afternoon

Energy stocks rose late Thursday afternoon with the NYSE Energy Sector Index increasing 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) gaining 0.4%.The Philadelphia Oil Service Sector Index slid 0.4%, and the Dow Jones US Utilities Index shed 0.5%.Oil prices rose after President Donald Trump threatened economic retaliation on Iran and its trade partners.West Texas Intermediate crude oil gained 2.3% to $87.83 a barrel, and global benchmark Brent advanced 2.2% to $93.65 a barrel. Henry Hub natural gas futures fell 1.9% to $2.76 per 1 million BTU.In sector news, US natural gas stocks rose by 16 billion cubic feet in the week ended Friday, topping the 14 billion gain expected in a survey compiled by Bloomberg and following an increase of 36 billion in the previous week.Deutsche Bank (DB) has made several hires as part of a plan to rebuild its energy trading business after largely exiting the commodities sector over a decade ago, Bloomberg reported.In corporate news, Exxon Mobil (XOM) warned that Kazakhstan's Tengiz oil field is nearing peak production and that output will fall sharply over the coming decade, Bloomberg reported, citing a company presentation. Exxon shares rose 1.1%.Transocean (RIG) shares climbed 2.7%. The company secured a two-year contract with ONGC for its Dhirubhai Deepwater KG2 drillship, with work expected to begin in Q1 2027 and contribute about $300 million.Equinor (EQNR) shares gained 2%. The company agreed to sell crude oil to Poland's Orlen for three years from the Johan Sverdrup field on the Norwegian continental shelf, starting in September.Cactus (WHD) shares fell 5.9% after Citigroup downgraded the stock to neutral from buy and raised its price target to $75 from $67.

$EQNR$RIG$WHD$XOM
Sectors

Sector Update: Consumer Stocks Fall Late Afternoon

Consumer stocks declined late Thursday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) dropping 1.6%.In corporate news, Walmart's (WMT) fiscal Q2 US comparable sales growth decelerated more than Wall Street expected amid a pharmacy-related headwind, while the retail giant issued a soft earnings outlook for the current quarter. The shares fell 9.1%.Advance Auto Parts' (AAP) fiscal Q2 comparable sales unexpectedly declined amid weakness in the do-it-yourself channel, although the retailer lifted its full-year earnings outlook. The shares tumbled 26%.Campbell's (CPB) is heading into a difficult fiscal 2027 as weakening demand, pressure in snacks, higher costs and continued reinvestment weigh on earnings, though lower fuel costs and recent tariff developments may offer some relief, UBS Securities said. Campbell's shares eased 0.3%.Etsy (ETSY) is positioned for durable growth amid better-than-projected strategy execution and as third-party data continue to imply "conservative" guidance, BofA Securities said. Etsy shares rose 1.8%.

$AAP$CPB$ETSY$WMT