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Sector Update: Financial Stocks Softer in Afternoon Trading

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Financial stocks were lower in Thursday afternoon trading, with the NYSE Financial Index decreasing 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.6%.

The Philadelphia Housing Index was falling 1.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.2%.

Bitcoin (BTC-USD) was declining 2% to $64,717, and the yield for 10-year US Treasuries was rising 4.2 basis points to 4.70%.

In sector news, the US Justice Department will return to implementing targeted probes to expedite the review of merger deals, it said Thursday. The DOJ is "working to eliminate bureaucratic burdens while still preserving the integrity of Second Request investigations, which are aimed at protecting American consumers and affordability," said Associate Attorney General Stanley E. Woodward Jr.

In corporate news, Ares Management (ARES) received clearance from the European Commission to acquire joint control of Eni Plenitude alongside parent Eni (E), the EU's competition watchdog said Thursday. Ares shares rose 1.5%.

Nasdaq (NDAQ) shares were up 0.7% after the company posted higher Q2 non-GAAP earnings and net revenue.

KKR (KKR) plans to gradually sell its stake in Taiwan's LCY Chemical, Bloomberg reported, citing LCY Group Chairman Bowei Lee. KKR shares added 0.3%.

Coinbase (COIN) plans to expand its Singapore workforce to about 200 employees by the end of 2026 from around 150 currently, despite broader global job cuts, The Business Times reported, citing Singapore Country Director Hassan Ahmed. Coinbase shares were down 1.4%.

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Sector Update: Energy Stocks Gain Late Afternoon

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Sector Update: Financial Stocks Decline Late Afternoon

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