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Sector Update: Financial Stocks Softer Wednesday Afternoon

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Financial stocks were lower in Wednesday afternoon trading, with the NYSE Financial Index decreasing 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) down 0.2%.

The Philadelphia Housing Index was climbing 3.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.2%.

Bitcoin (BTC-USD) was increasing 2.8% to $66,470, and the yield for 10-year US Treasuries was dropping 4.4 basis points to 4.662%.

In economic news, the US Treasury Department said it was raising the cap on its buyback operations for longer-dated nominal coupon securities to at least $4 billion per operation from $2 billion, effective Sept. 9.

US mortgage applications fell by 0.4% in the week ended Aug. 14, with an increase in refinancing activity offset by a decline in home purchase applications, according to Mortgage Bankers Association data released Wednesday.

In corporate news, BlackRock's (BLK) private credit division HPS Investment Partners and Oaktree Capital are among the creditors that seized control of production equipment supplier MBS Group last week, after the latter defaulted on its debt, the Financial Times reported. BlackRock shares were up 1.3%.

The Canada Pension Plan Investment Board is pursuing infrastructure deals via private deals with KKR (KKR), Blackstone (BX), and BlackRock (BLK) rather than relying solely on direct investments, the Financial Times reported. KKR shares rose 3.4%, and Blackstone was up 3.2%.

Progressive (PGR) shares added nearly 4% after it reported that net premiums earned in July were $7.36 billion, up from $6.99 billion a year earlier.

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