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Sector Update: Financial Stocks Decline Wednesday Afternoon

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Financial stocks were lower in Wednesday afternoon trading, with the NYSE Financial Index down 1.1% and the State Street Financial Select Sector SPDR ETF (XLF) off 0.8%.

The Philadelphia Housing Index dropped 3.7%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) shed 0.3%.

Bitcoin (BTC-USD) was decreasing 0.2% to $63,732, and the yield for 10-year US Treasuries was rising 4.7 basis points to 4.651%.

In economic news, the US Federal Reserve is likely to remain on hold in the 3.5% to 3.75% target range in July, according to the CME FedWatch tool. However, the probability that the target rate for fed funds will increase to 4.25%-4.5% in December jumped to 17% as of Wednesday afternoon from 9% a month ago, implying a significant tightening bias among some market participants.

In corporate news, Visa (V) shares rose 1.8%. The company reported fiscal Q3 results above consensus estimates as consumer and business spending helped drive annual gains in payments volume.

CBIZ (CBZ) agreed to be acquired by accounting and advisory firm Grant Thornton Advisors in an all-cash deal worth about $5 billion, creating one of the largest providers of professional services, tax and advisory services in the US. CBIZ shares jumped 17%.

NextEra Energy (NEE) and Brookfield (BN) are part of a strategic partnership group that will develop a data center campus at the Energy Department's Paducah Site in Kentucky for $100 billion, according to a joint statement. Brookfield shares were down 1.8%.

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