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Sector Update: Financial Stocks Mixed Late Afternoon

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Financial stocks were mixed in late Wednesday afternoon trading, with the NYSE Financial Index decreasing 0.2% and the State Street Financial Select Sector SPDR ETF (XLF) up 0.1%.

The Philadelphia Housing Index was falling 1.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.9%.

Bitcoin (BTC-USD) was declining 1.4% to $75,268.8, and the yield for 10-year US Treasuries rose 6.2 basis points to 4.42%.

In economic news, the Federal Open Market Committee maintained its federal funds rate target at 3.50% to 3.75%, as expected, but four officials dissented, its statement Wednesday afternoon showed.

Federal Reserve Chair Jerome Powell said Wednesday at a press conference that he will remain on the Federal Reserve board for a period of time after his term as chair ends on May 15, noting the recent attacks on the Fed and saying that "the things that have happened really in the last three months I think left me no choice but to stay until I see them through at least that long."

In corporate news, Blackstone (BX) is planning to integrate its growth business into a new West Coast-based unit that will focus on its AI portfolio and high-growth tech bets, Bloomberg reported, citing an internal company note. Blackstone shares were down 1.6%.

PayPal (PYPL) Chief Executive Enrique Lores told managers this week that he is reorganizing the company to make Venmo its own standalone segment within PayPal, CNBC reported. PayPal shares rose 2.6%.

Robinhood (HOOD) shares fell past 13% after it reported Q1 earnings and revenue that missed analysts' expectations.

Visa (V) shares jumped more than 8% after it lifted its full-year growth outlook and reported better-than-expected fiscal Q2 results.

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Sector Update: Financial Stocks Higher Late Afternoon

Financial stocks edged higher late Tuesday afternoon, with the NYSE Financial Index rising 0.2% and the State Street Financial Select Sector SPDR ETF (XLF) up 0.1%.The Philadelphia Housing Index was decreasing 1.3%, while the State Street Real Estate Select Sector SPDR ETF (XLRE) increased 0.7%.Bitcoin (BTC-USD) was falling 1.6% to $76,126, and the yield for 10-year US Treasuries rose 1.8 basis points to 4.35%.In economic news, the Conference Board's measure of consumer confidence rose to 92.8 in April from an upwardly revised 92.2 in March, compared with the 89.0 print expected in a Bloomberg survey. The poll for preliminary results was conducted from April 1 to April 22, which included the temporary two-week ceasefire in the Iran war.In sector news, Polymarket has had talks with the Commodity Futures Trading Commission in recent weeks as it seeks regulatory approval to bring its main exchange back to the US, Bloomberg reported. Polymarket has technically banned US citizens from trading on its international platform since running afoul of regulators in 2022, and its US-based alternative has failed to fully launch, the report said.In corporate news, JPMorgan Chase (JPM) was selected as the first global banking partner of the Olympic Games, the firm and the International Olympic Committee said Tuesday. Separately, JPMorgan is joining HSBC (HSBC) in providing a $6 billion financing for potential suitors of a stake in Kuwait Petroleum's crude oil pipeline network, Reuters reported. JPMorgan and HSBC shares were little changed.First Financial (THFF) shares added 1.1% after the company posted higher Q1 net income and revenue from a year ago.Barclays (BCS) shares decreased 0.4% after Bloomberg reported the bank had reserved 228 million British pounds ($307.9 million) in Q1 to cover the collapse of specialty lender MFS.Commerce Bancshares (CBSH) shares gained 1.9% after its board approved an increase of 2.5 million shares to its stock buyback program.

$BCS$CBSH$HSBC$JPM$THFF
Sectors

Sector Update: Energy Stocks Higher Late Afternoon

Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index rising 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) climbing 1.8%.The Philadelphia Oil Service Sector Index was increasing 0.2%, and the Dow Jones US Utilities Index was shedding 0.2%.In sector news, the United Arab Emirates will leave the Organization of the Petroleum Exporting Countries and its more expanded version, OPEC+, effective May 1, the Emirates News Agency reported.This comes as Iran's latest proposal to end the war in the Middle East has still not won President Donald Trump's backing, leaving the deadly conflict in a continuing state of deadlock, Reuters reported Tuesday, citing an unnamed US official.Front-month West Texas Intermediate crude oil gained 3.7% to $99.90 a barrel, and the global benchmark Brent crude contract rose 2.7% to $111.17 a barrel. Henry Hub natural gas futures increased 0.4% to $2.56 per 1 million BTU.In corporate news, Chevron (CVX) signed a memorandum of understanding with Libya's National Oil Corporation, or NOC, to conduct a joint study evaluating the potential of unconventional shale oil and gas resources in sedimentary basins across the country, NOC said Tuesday. Separately, Chevron is in advanced talks to sell a portfolio of Asian assets to Eneos in a deal that could be valued at more than $2 billion, Bloomberg reported. Chevron shares climbed 1.9%.Equinor (EQNR) shares rose 1.1% after Morgan Stanley upgraded the stock to equal weight from underweight and raised its price target to $40.40 from $22.80.NextEra Energy (NEE) shares gained 1.5% after it said the US Nuclear Regulatory Commission approved operating license renewals for Florida Power & Light's St. Lucie nuclear units, extending Unit 1 to 2056 and Unit 2 to 2063.BP (BP) shares added 0.8%. The company reported Q1 underlying replacement cost profit Tuesday of $1.24 per American depositary share, up from $0.53 a year earlier. Sales and other operating revenue for the quarter totaled $52.26 billion, up from $46.91 billion a year earlier. Analysts polled by FactSet expected $49.4 billion.

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Sectors

Sector Update: Health Care Stocks Edge Higher Late Afternoon

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