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Sector Update: Financial Stocks Edge Higher Pre-Bell Friday

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Financial stocks were edging higher pre-bell Friday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 0.6%.

The Direxion Daily Financial Bull 3X Shares (FAS) was up 1.7% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.6% lower.

Futu (FUTU), UP Fintech's (TIGR) Tiger Brokers unit and Longbridge Securities face planned penalties from China's securities regulator for operating in mainland China without licenses, Bloomberg reported. Shares of Futu Holdings shares were down more than 36% and UP Fintech stock lost more than 33% premarket.

Intercontinental Exchange (ICE) and OKX are planning to launch perpetual futures contracts tied to oil, Bloomberg reported, citing a statement from the companies. Intercontinental Exchange stock was 0.7% higher pre-bell.

JPMorgan Chase (JPM) is in discussions with investors over a deal to offload some of its risk exposure to more than $4 billion in private equity-linked net asset value loans, the Financial Times reported, citing unnamed people familiar with the matter. Shares of JPMorgan Chase were up 0.5% premarket.

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Sector Update: Energy Stocks Decline Late Afternoon

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Sector Update: Financial Stocks Higher Late Afternoon

Financial stocks were higher in late Thursday afternoon trading, with the NYSE Financial Index up 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) fractionally higher.The Philadelphia Housing Index was adding 0.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was increasing 0.1%.Bitcoin (BTC-USD) was fractionally higher at $77,492, and the yield for 10-year US Treasuries rose 1.4 basis points to 4.586%.In economic news Thursday, US initial jobless claims fell to 209,000 in the week ended May 16 from an upwardly revised 212,000 in the previous week, compared with expectations for 210,000 in a Bloomberg-compiled survey.The May flash reading of manufacturing conditions from S&P Global rose to 55.3, a 48-month high, from 54.5 in April, compared with the 53.8 anticipated in a Bloomberg-compiled poll.April housing starts fell 2.8% from the previous month to a 1.465 million annual rate, compared with expectations compiled by Bloomberg for a 1.410 million rate.In corporate news, Ares Management (ARES) has raised about $850 million so far for its inaugural closed-ended real estate debt fund, with the firm targeting a total of $1.5 billion for Ares Real Estate Debt Strategies, Bloomberg reported. Ares shares rose 1.1%.KKR (KKR) signed a definitive deal to sell its Circor Aerospace division to Parker-Hannifin (PH) for $2.55 billion, according to a Thursday statement. Funds managed by KKR will continue to own Circor's naval and industrial businesses after the deal. KKR shares were down 0.2%.JPMorgan Chase (JPM) Chief Executive Jamie Dimon said the investment bank will likely hire more AI specialists and fewer bankers, Bloomberg reported, citing an interview. JPMorgan Chase shares were up 0.3%.Chubb (CB) said Thursday its board has authorized a new $7.5 billion share buyback program, starting July 1 with no expiration date. The company also said its quarterly cash dividend was increased to $1.02 per share from $0.97, payable on July 2 to shareholders of record as of June 12. Its shares added 0.5%.

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