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Sector Update: Financial Stocks Decline Late Afternoon

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Financial stocks were lower in late Wednesday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each shedding about 0.5%.

The Philadelphia Housing Index rose 0.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) decreased 0.4%.

Bitcoin (BTC-USD) was declining 1.2% to $65,726, and the yield for 10-year US Treasuries rose 2.9 basis points to 4.657%.

In sector news, Kalshi said Wednesday that it will launch a new election portal aimed at becoming a key reference point for US election odds ahead of the November midterm elections, according to multiple media reports.

In corporate news, the EU is preparing to revisit airline ownership rules to tighten limits on foreign control of carriers, Reuters reported Wednesday, citing an EU official. The move may complicate US bids for easyJet, which is the target of competing takeover offers from New York-based Apollo Global Management (APO) and Minneapolis-based Castlelake, the report said. Apollo shares were up 0.4%.

Morgan Stanley's (MS) wealth management unit has gained more than $70 billion in net new assets during Q2, largely fueled by the initial public offering of SpaceX (SPCX), Bloomberg reported. Morgan Stanley shares rose 1.1%.

Coinbase (COIN) has settled its Freedom of Information Act lawsuit against the US Securities and Exchange Commission with the regulator agreeing to provide additional documents and pay $150,000, a court filing said Wednesday. Shares were off 5.3%.

CME (CME) shares jumped 5% after it reported Q2 adjusted earnings Wednesday of $2.99 per diluted share, up from $2.96 a year earlier. Analysts polled by FactSet expected $2.91.

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Sector Update: Financial Stocks Advance Late Afternoon

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