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Sector Update: Financial Stocks Softer Monday Afternoon

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Financial stocks were decreasing in Monday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each declining about 0.4%.

The Philadelphia Housing Index was declining 0.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was falling 1.4%.

Bitcoin (BTC-USD) was adding 2% to $63,421, and the yield for 10-year US Treasuries was rising 2 basis points to 4.556%.

In economic news, consumer expectations for one-year US inflation growth decreased to a 3.5% gain in May from a 3.6% gain in the previous month, according to a survey released by the New York Federal Reserve Bank on Monday. The median inflation expectations remained unchanged at 3.1% gain for the three-year period and at a 3.0% gain for five years ahead.

In corporate news, Goldman Sachs (GS) and JPMorgan Chase (JPM) are exploring trading futures contracts tied to rental prices for graphics processing units, a move that could help lenders manage risks associated with financing AI infrastructure, The Information reported. Goldman shares rose 1.2%, and JPMorgan was down 0.2%.

Blackstone Digital Infrastructure Trust (BXDC) offers exposure to stabilized data center assets with limited development risk, while projected industry-leading AFFO/share growth and potential cap rate compression provide investment upside, with Blackstone (BX) backing adding to the credibility, BofA Securities said in a note. Blackstone Digital Infrastructure Trust shares rose 2%.

Carlyle (CG) will acquire Chung Ho Group for $700 million, Bloomberg reported Sunday. Carlyle shares added 0.8%.

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