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Sector Update: Financial Stocks Softer Late Afternoon

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

The Philadelphia Housing Index was falling 1.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.3%.

Bitcoin (BTC-USD) popped 6.3% to $72,707, and the yield for 10-year US Treasuries rose 4.5 basis points to 4.70%.

In economic news, US Treasury Secretary Scott Bessent said the department's government debt buyback program could surpass the previously announced $4 billion, CNBC reported Thursday, citing an interview with the official. Bessent also said the US' plans to step up economic pressure on Iran will likely negate the need to wage further military operations, CNBC reported.

The Conference Board's measure of leading indicators rose by 0.2% in July, a larger gain than the 0.1% increase expected in a Bloomberg survey, and following a 0.1% decrease in June.

The Philadelphia Federal Reserve's monthly manufacturing index rose to 47.4 in August, compared with 41.4 in July and an anticipated decrease to a 24.1 print in a Bloomberg survey.

According to the US Labor Department, US initial jobless claims fell to 206,000 in the week ended Aug. 15 from an upwardly revised 212,000 in the week earlier, and lower than the 210,000 expected in a Bloomberg survey.

In corporate news, KKR's (KKR) Arctos is in talks to buy 10% of the Atlanta Falcons at a $10.6 billion valuation, CNBC reported. Bloomberg separately reported that the Falcons are in discussions to sell a 10% stake to Arctos. KKR shares were down 2.9%.

Intercontinental Exchange (ICE) is looking at participating in Polymarket's latest funding round, Bloomberg reported, citing an interview with the New York Stock Exchange parent company's CEO Jeff Sprecher. Sprecher said ICE would look at it, if it would help the round, after investing $1.64 billion in Polymarket through two funding rounds, the report said. Intercontinental Exchange shares added 1.1%.

Prudential Financial's (PRU) asset-management arm PGIM said Thursday that its has agreed to buy up to $3 billion of home improvement loans from GreenSky under a three-year forward flow agreement. Prudential Financial shares declined 1%.

Virtu Financial (VIRT) is exploring a potential sale of its brokerage and technology unit in a deal that could be worth up to $3.5 billion to $4 billion, Bloomberg reported. Virtu shares rose 1.7%.

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