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Sector Update: Financial Stocks Fall Monday

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Financial stocks fell Monday with the NYSE Financial Index declining 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) easing 0.1%.

The Philadelphia Housing Index shed 1.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) rose 0.4%.

Bitcoin (BTC-USD) added 0.7% to $81,990, and the yield for 10-year US Treasuries rose 4.6 basis points to 4.41%.

In economic news, the pace of US existing home sales increased 0.2% to a 4.02 million seasonally adjusted annual rate in April from 4.01 million in March, below the expectations for a 4.05 million rate in a survey compiled by Bloomberg, data from the National Association of Realtors showed.

In corporate news, Brookfield Asset Management (BAM) plans to invest $500 million in OpenAI Deployment Co. Brookfield shares fell 1.7%.

Blackstone's (BX) real estate debt arm, Blackstone Real Estate Debt Strategies, launched a lending platform to provide capital and flexibility to US homebuilders, aiming to support construction of over 50,000 for-sale homes annually. Blackstone shares declined 1.9%.

Apollo Global Management (APO) said its managed funds agreed to buy Emerald Holding (EEX) and Questex to form a combined business events platform. Separately, Apollo is in discussions with potential buyers to sell its MidCap Financial Investment (MFIC) business development company, the Wall Street Journal reported. Apollo values the business at about $3 billion, the report said. Apollo shares fell 2.1%, and MidCap Financial Investment dropped 5.2%.

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