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Sector Update: Financial Stocks Softer Late Afternoon

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Financial stocks were lower in late Wednesday afternoon trading, with the NYSE Financial Index down 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) decreasing 0.2%.

The Philadelphia Housing Index fell 2.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.2%.

Bitcoin (BTC-USD) was fractionally lower at $61,685, and the yield for 10-year US Treasuries rose 1.4 basis points to 4.542%.

In economic news, the US seasonally adjusted consumer price index, a measure of inflation, rose by 0.5% in May, as expected, following a 0.6% increase in April, according to data released Wednesday by the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, rose by 0.2%, below the consensus estimate for a 0.3% increase. Core CPI rose by 0.4% in April. The year-over-year rates for overall and core CPI increased to 4.2% and 2.9%, respectively, from 3.8% and 2.8% in the previous month.

In corporate news, JPMorgan Chase (JPM) and Bank of America (BAC) are among the major US banks that have received subpoenas from the Justice Department seeking information over whether they "debanked" clients for political reasons, The Wall Street Journal reported. JPMorgan shares were down 0.4%, and Bank of America rose 0.7%.

Visa (V) said Wednesday its payment services will be integrated into OpenAI's platform to allow retailers to accept purchases from AI agents. Visa shares were shedding 0.4%.

Nasdaq (NDAQ) Verafin is launching a new set of agentic workers, beginning with the Agentic AML Analyst and the Agentic Fraud Analyst, the firm said. The shares were down 0.8%.

Brookfield Asset Management (BAM) is expanding its offerings for wealthy investors in Japan, targeting infrastructure, real estate, and private credit as hedges against inflation, Nikkei reported. Brookfield shares were falling 3.2%.

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