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Sector Update: Financial Stocks Rise Late Afternoon

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Financial stocks were higher in late Wednesday afternoon trading, with the NYSE Financial Index rising 1.7% and the State Street Financial Select Sector SPDR ETF (XLF) adding 1.2%.

The Philadelphia Housing Index was climbing up 3.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 1.1%.

Bitcoin (BTC-USD) was increasing 1% to $77,510, and the yield for 10-year US Treasuries dropped 9.5 basis points to 4.57%.

In corporate news, Microsoft-backed (MSFT) OpenAI has been working with bankers in preparation of filing for an initial public offering in the coming days or weeks, The Wall Street Journal reported. Bankers at Morgan Stanley (MS) and Goldman Sachs (GS) have been working with OpenAI on a draft IPO prospectus the maker of ChatGPT plans to file confidentially with regulators soon, potentially as early as Friday, the report said. Morgan Stanley shares gained 4.3%, and Goldman popped 5.6%.

An Ares Management (ARES) fund and the Scion Group have purchased 12 US student-housing properties for about $910 million, Bloomberg reported. Ares rose 0.8%.

Apollo Global Management (APO) was asked by two teacher organizations to investigate Chief Executive Marc Rowan's apparent use of the private equity firm's resources for his work with the Trump administration in violation of company policy, Bloomberg reported, citing a letter the groups sent to the chair of Apollo's audit committee. Apollo shares were up 0.9%.

Lincoln International (LCLN) shares were up 13% after the stock marked its New York Stock Exchange debut at higher than the $20-per-share initial public offering price.

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