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Sector Update: Financial Stocks Decline Late Afternoon

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Financial stocks fell in late Wednesday afternoon trading with the NYSE Financial Index decreasing 1% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 1.1%.

The Philadelphia Housing Index dropped 0.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) rose 0.2%.

Bitcoin (BTC-USD) fell 2.5% to $65,538.2, and the yield for 10-year US Treasuries rose 3.6 basis points to 4.49%.

In economic news, the Organization for Economic Co-operation and Development lowered its global economic growth projection for 2026, cautioning that the fallout from the Middle East conflict may linger.

In the US, employment in the private sector increased more than expected in May, ADP data showed.

The US services sector saw continued expansion in May, with Institute for Supply Management data showing a faster growth rate sequentially, while S&P Global (SPGI) pointed to a deceleration. Both surveys indicated elevated cost pressures and signs of weakness in the labor market.

In corporate news, Morgan Stanley (MS) will allow clients' AI agents to connect directly to its stock administration platforms, ShareWorks and Equity Edge, CNBC reported, citing Morgan Stanley at Work Chief Product Officer Mark Mitchell. Morgan Stanley shares fell 2%.

Amazon-backed (AMZN) Anthropic has chosen Goldman Sachs (GS) and Morgan Stanley to lead its initial public offering, Bloomberg reported. JPMorgan Chase (JPM) is also working on the deal, the report said. Goldman shares fell 1.7%, and JPMorgan eased 0.2%.

Pershing Square (PS) will sell 80.6 million Universal Music Group shares in an overnight placing as Bill Ackman's hedge fund looks to exit its position, Bloomberg reported. Pershing shares fell 3.6%.

Hartford Insurance (HIG) agreed to sell its Hartford Funds unit to Wellington Management in a deal with a net present value of $1.9 billion. Hartford shares fell 1%.

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