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Sector Update: Financial Stocks Rise in Afternoon Trading

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Financial stocks were advancing in Thursday afternoon trading, with the NYSE Financial Index rising 0.8% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.9%.

The Philadelphia Housing Index increased 0.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.7%.

Bitcoin (BTC-USD) was climbing 2.9% to $61,823, and the yield for 10-year US Treasuries was higher at 4.488%.

In economic news, the June employment report showed nonfarm payrolls rose by 57,000, according to the Bureau of Labor Statistics, below the 113,000 jump expected in a Bloomberg-compiled survey. May payrolls were revised downward to a 129,000 gain, and April payrolls were revised down to a 148,000 expansion, for a net downward revision of 74,000 jobs.

In corporate news, Two Blue Owl Capital (OWL) business development companies received large redemption requests for the second consecutive quarter, Bloomberg reported. Blue Owl Credit Income, or OCIC, received requests amounting to 18.8% of shares, or $3.6 billion, while Blue Owl Technology Income received shareholder requests totaling 38.1%, or $1.1 billion, the report said. Blue Owl Capital shares were up 4.5%.

JPMorgan Chase (JPM) will join Gulf banks in helping arrange roughly $7 billion of debt financing for a Qatari company's projects in Syria, Bloomberg reported. JPMorgan shares were down 0.3%.

Deutsche Bank (DB) shares gained 5% after the company said it has reached a new collective bargaining package for Postbank workers with trade unions.

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