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Wire

Market Chatter: SEC Opens Probe Into Popular Type of Private Equity Fund

The US Securities and Exchange Commission's enforcement division is investigating funds popular among private equity firms that allow them to hold assets they either cannot or do not wish to sell, Reuters reported Wednesday, citing three people familiar with the matter.The investigators are looking into potential conflicts of interest around continuation vehicles, how assets are valued and whether disclosures are consistent and sufficient, the report said, citing the people.The SEC did not immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $8.71, Change: $-0.20, Percent Change: -2.24%

$BLK$OWL
Wire

SEC Opens Probe Into Popular Type of Private Equity Fund, Reuters Reports

SEC Opens Probe Into Popular Type of Private Equity Fund, Reuters Reports

$BLK$OWL
Sectors

Sector Update: Financial Stocks Edge Higher Pre-Bell Wednesday

Financial stocks were edging higher pre-bell Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 0.3%.The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.5% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.2% lower.ProAssurance (PRA) shares were up more than 1% after the company said it has received all required regulatory approvals for its planned merger with The Doctors Company, clearing the final major hurdle for the transaction.BlackRock (BLK) and Fin Capital led Caplight Technologies' $16 million series A funding round, Caplight said. BlackRock stock was 0.1% lower premarket.JPMorgan Chase's (JPM) JPMorgan Public and Private Credit Fund, along with three other funds, won approvals to make monthly repurchase offers, the US Securities and Exchange Commission said. JPMorgan Chase shares were 0.1% higher pre-bell.

$BLK$FAS$FAZ$JPM$PRA$XLF
Apollo Global Caps Private Credit Fund Withdrawals as Requests Spike
US Markets

Apollo Global Caps Private Credit Fund Withdrawals as Requests Spike

Apollo Global Management (APO) has restricted investor redemptions for its private credit fund Apollo Debt Solutions following a surge in share repurchase requests from stakeholders.The alternative asset manager limited withdrawals to 5% of outstanding shares in Apollo Debt Solutions, about $700 million of gross outflows, after shareholders requested the repurchase nearly 17% of outstanding shares as of March 31, according to a filing on Monday with the US Securities and Exchange Commission."Taken together, we expect net outflows from (Apollo Debt Solutions) will be approximately ($400 million) for the second quarter of 2026 and year-to-date, representing 3% of (net asset value)," the firm said in the filing.Shares of Apollo fell 3.2% in Tuesday trade, extending their year-to-date decline to about 9.5%.The surge in requests was driven primarily by offshore investors, who sought to redeem 12.5% of shares, while US repurchase requests slowed to 4.3%, Apollo said.In May, Apollo reported first-quarter earnings that exceeded analysts' estimates as revenue declined year-over-year and fell short of Wall Street's view."Consistent with industry trends within (business development companies), we saw an uptick in redemption requests at (Apollo Debt Solutions), though it's worth noting that 94% of the fund's investors did not submit a redemption request," President Jim Zelter said during the first quarter earnings call, according to a FactSet transcript.Earlier in June, BlackRock's (BLK) HPS Corporate Lending Fund said it received repurchase requests totaling about 13% of outstanding shares in the second quarter and would fulfill requests for 5% of sharesPrice: $131.59, Change: $-3.62, Percent Change: -2.68%

$APO$BLK
Sectors

Sector Update: Financial Stocks Rise Late Afternoon

Financial stocks were advancing in late Tuesday afternoon trading, with the NYSE Financial Index rising 1.1% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 1.2%.The Philadelphia Housing Index climbed 1.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was fractionally higher.Bitcoin (BTC-USD) was declining 1.6% to $65,553, and the yield for 10-year US Treasuries fell 4.3 basis points to 4.43%.In economic news, US import prices jumped 1.9% in May, ahead of the 1% increase expected in a Bloomberg-compiled survey and following a 2.0% gain in April. Excluding a 13% surge in petroleum prices, import prices were up 0.8% from 0.5%, beating the 0.5% forecast. Export prices climbed 1.3% in May, above expectations for 0.9% and following a 3.5% jump in April.The New York Federal Reserve's services index worsened to minus 10.1 in June from minus 5.8 in May. The index is the first services reading for June and suggests more widespread contraction.Redbook US same-store sales jumped 9.4% from a year earlier in the week ended June 13, after surging 9.1% in the previous week. Seasonal categories such as air conditioners, fans, pool and beach equipment, swimwear, and other hot-weather apparel led the growth, according to Redbook.In corporate news, Ares Management (ARES) is nearing a deal to take control of French football club Olympique Lyonnais, alongside businesswoman Michele Kang, Bloomberg reported. Ares shares rose 1.4%.L3Harris Technologies (LHX) has selected JPMorgan Chase (JPM) and Morgan Stanley (MS) to lead the IPO of its missile unit Axyv, Bloomberg reported. JPMorgan shares gained 3.4%, and Morgan Stanley added 1.1%.BlackRock (BLK) is cutting about 200 jobs in its latest round of workforce reductions, Bloomberg reported. The layoffs, the fourth in 18 months, span investment, operations and technology roles, as well as positions within the firm's private financing unit, the report said. BlackRock shares advanced 0.8%.Robinhood (HOOD) said it reduced its workforce by about 10% as part of efforts to maintain a high-performance culture, accelerate product development. Robinhood shares fell 1.7%.

$ARES$BLK$HOOD$JPM$MS
Sectors

Sector Update: Financial Stocks Rise Tuesday Afternoon

Financial stocks were advancing in Tuesday afternoon trading, with the NYSE Financial Index rising 1.3% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 1.4%.The Philadelphia Housing Index was gaining 1.7%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.3%.Bitcoin (BTC-USD) was declining 0.9% to $65,682, and the yield for 10-year US Treasuries was falling 4.1 basis points to 4.428%.In economic news, US import prices jumped 1.9% in May, ahead of the 1% increase expected in a Bloomberg-compiled survey and following a 2.0% gain in April. Excluding a 13% surge in petroleum prices, import prices were up 0.8% from 0.5%, beating the 0.5% forecast. Export prices climbed 1.3% in May, above expectations for 0.9% and following a 3.5% jump in April.The New York Federal Reserve's services index worsened to minus 10.1 in June from minus 5.8 in May. The index is the first services reading for June and suggests more widespread contraction.Redbook US same-store sales jumped 9.4% from a year earlier in the week ended June 13, after surging 9.1% in the previous week. Seasonal categories such as air conditioners, fans, pool and beach equipment, swimwear, and other hot-weather apparel led the growth, according to Redbook.In corporate news, L3Harris Technologies (LHX) has selected JPMorgan Chase (JPM) and Morgan Stanley (MS) to lead the IPO of its missile unit Axyv, Bloomberg reported. JPMorgan shares rose 3.6%, and Morgan Stanley added 1.2%.Blackrock (BLK) is cutting about 200 jobs in its latest round of workforce reductions, Bloomberg reported. The layoffs, the fourth in 18 months, span investment, operations and technology roles, as well as positions within the firm's private financing unit, the report said. Blackrock shares advanced 1%.Robinhood (HOOD) said it reduced its workforce by about 10% as part of efforts to maintain a high-performance culture, accelerate product development. Robinhood shares fell 2%.

$BLK$HOOD$JPM$MS
Sectors

Sector Update: Financial Stocks Advance Premarket Tuesday

Financial stocks were advancing premarket Tuesday, with the State Street Financial Select Sector SPDR ETF (XLF) 0.4% higher.The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.9% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.9% lower.Robinhood Markets (HOOD) said it reduced its workforce by about 10% as part of efforts to maintain a high-performance culture, accelerate product development. Shares of Robinhood Markets were up more than 2% pre-bell.JPMorgan Chase (JPM) aims to have its retail digital bank operating in at least five European countries within the next five years, the Financial Times reported, citing people familiar with the matter. JPMorgan Chase shares were up 0.8% premarket.Blackrock (BLK) is cutting about 200 jobs in its latest round of workforce reductions, Bloomberg reported, citing people familiar with the matter. Blackrock stock was 0.2% higher premarket.

$BLK$FAS$FAZ$HOOD$JPM$XLF
Sectors

Sector Update: Financial Stocks Advance Late Afternoon

Financial stocks rose in late Friday afternoon trading, with the NYSE Financial Index increasing 1.3% and the State Street Financial Select Sector SPDR ETF (XLF) adding 1.4%.The Philadelphia Housing Index was up 0.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.7%.Bitcoin (BTC-USD) was increasing 0.2% to $63,705, and the yield for 10-year US Treasuries rose 1.8 basis points to 4.48%.In economic news, US consumer sentiment has rebounded in June as gasoline prices eased, while the inflation outlook dropped, the University of Michigan's preliminary survey showed Friday. The main sentiment index rose 9.2% sequentially to 48.9 this month, following three consecutive drops. The consensus was for a 46 print in a Bloomberg poll.In sector news, US banking regulators are ramping up their review of the use of AI in financial services, along with its potential risks, Reuters reported. The US Federal Reserve and the Office of the Comptroller of the Currency have started asking banks to detail their use of AI in lending and customer checks, among other processes, during routine bank assessments, the report said.In corporate news, Robinhood (HOOD) saw heavy traffic Friday, leading to latency and intermittent issues for some customers, the company's official help account said in a post on X. Essential systems have recovered and teams are closely monitoring the situation, according to the social media post. Robinhood shares rose 1.4%.Vanguard has surpassed BlackRock (BLK) to become the largest exchange-traded fund issuer in the US, with about $4.39 trillion in assets across its US-listed ETFs, Bloomberg reported. The milestone follows approximately $13 billion in net inflows in the latest session, pushing Vanguard's ETF assets above the roughly $4.36 trillion managed by BlackRock, the report said. BlackRock shares were up 1.6%.BlackRock and State Street Investment Management (STT) are facing fresh competition as New York City's pension system opens a bidding process for about $92 billion of stock index funds the two firms currently oversee, Bloomberg reported. BlackRock manages about $65 billion of the passive equity portfolio and State Street about $27 billion, the report said. State Street shares rose 1.5%.HSBC (HSBC) has roughly $400 million of exposure to IFFCO, a consumer goods company in the Middle East that has struggled for months to restructure about $2 billion in debt, Bloomberg reported. HSBC shares were rising 2.1%.

$BLK$HOOD$HSBC$STT
Sectors

Sector Update: Financial

Financial stocks were advancing in late Friday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each rising 1.3%.The Philadelphia Housing Index was up 0.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.9%.Bitcoin (BTC-USD) was increasing 0.1% to $63,652, and the yield for 10-year US Treasuries rose 1.4 basis points to 4.477%.In corporate news, BlackRock (BLK) and State Street Investment Management (STT) are facing fresh competition as New York City's pension system opens a bidding process for about $92 billion of stock index funds the two firms currently oversee, Bloomberg reported. BlackRock manages about $65 billion of the passive equity portfolio and State Street about $27 billion, the report said. BlackRock and State Street shares were each up 1.5%.

$BLK$STT
Wire

Market Chatter: BlackRock, State Street Face Competition on NYC Pension Fund Bids

BlackRock (BLK) and State Street Investment Management (STT) are facing fresh competition as New York City's pension system opens a bidding process for about $92 billion of stock index funds the two firms currently oversee, Bloomberg News reported Friday.BlackRock manages about $65 billion of the passive equity portfolio and State Street about $27 billion, the report said.The city is "a long-standing client, and we look forward to continuing our work with them," a BlackRock spokesman said, according to the report.New York City Comptroller Mark Levine and the pension trustees are seeking managers for passive public-equity indexing strategies, including traditional approaches and those focused on environmental, social and governance factors. The contract will run for an initial three years with renewal options, the comptroller said Friday in a statement.The existing contracts run through this year, and bids are due July 15.As of March 31, the pension systems held $127.11 billion in public equity investments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $1027.67, Change: $+11.09, Percent Change: +1.09%

$BLK$STT
Sectors

Sector Update: Financial Stocks Higher Friday Afternoon

Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index rising 1.2% and the State Street Financial Select Sector SPDR ETF (XLF) adding 1.1%.The Philadelphia Housing Index was up 0.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) rose 0.8%.Bitcoin (BTC-USD) was increasing 0.5% to $63,887, and the yield for 10-year US Treasuries was rising 2 basis points to 4.483%.In economic news, US consumer sentiment has rebounded in June as gasoline prices eased, while the inflation outlook dropped, the University of Michigan's preliminary survey showed Friday. The main sentiment index rose 9.2% sequentially to 48.9 this month, following three consecutive drops. The consensus was for a 46 print in a Bloomberg poll.In sector news, US banking regulators are ramping up their review of the use of AI in financial services, along with its potential risks, Reuters reported. The US Federal Reserve and the Office of the Comptroller of the Currency have started asking banks to detail their use of AI in lending and customer checks, among other processes, during routine bank assessments, the report said.In corporate news, Robinhood (HOOD) saw heavy traffic Friday, leading to latency and intermittent issues for some customers, the company's official help account said in a post on X. Essential systems have recovered and teams are closely monitoring the situation, according to the social media post. Robinhood shares rose 0.6%.Vanguard has surpassed BlackRock (BLK) to become the largest exchange-traded fund issuer in the US, with about $4.39 trillion in assets across its US-listed ETFs, Bloomberg reported. The milestone follows approximately $13 billion in net inflows in the latest session, pushing Vanguard's ETF assets above the roughly $4.36 trillion managed by BlackRock, the report said. BlackRock shares were up 0.9%.HSBC (HSBC) has roughly $400 million of exposure to IFFCO, a consumer goods company in the Middle East that has struggled for months to restructure about $2 billion in debt, Bloomberg reported. HSBC shares were rising 1.7%.

$BLK$HOOD$HSBC
Sectors

Sector Update: Financial

Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index rising 1.1% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 1.2%.The Philadelphia Housing Index was up 0.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.7%.Bitcoin (BTC-USD) was increasing 0.5% to $63,887, and the yield for 10-year US Treasuries was rising 2 basis points to 4.483%.In corporate news, Vanguard has surpassed BlackRock (BLK) to become the largest exchange-traded fund issuer in the US, with about $4.39 trillion in assets across its US-listed ETFs, Bloomberg reported. The milestone follows approximately $13 billion in net inflows in the latest session, pushing Vanguard's ETF assets above the roughly $4.36 trillion managed by BlackRock, the report said. BlackRock shares were up 1%.

$BLK
SpaceX Jumps 21% as Blockbuster Debut Pushes Market Valuation Above $2 Trillion
US Markets

SpaceX Jumps 21% as Blockbuster Debut Pushes Market Valuation Above $2 Trillion

Shares of Space Exploration Technologies (SPCX) were rallying 21% on Friday as Elon Musk's rocket and satellite company debuted on the Nasdaq in what is poised to be the world's biggest initial public offering ever.SpaceX, which the company is widely known as, opened trade at $150 and moved as high as $168.75, having priced its IPO at $135.Its shares were last trading at $163.21, up 21% from the IPO price.The rally pushed SpaceX above a $2 trillion market capitalization, placing it among the 10 most valuable public companies in the US, even more valuable than Musk-led Tesla (TSLA).The IPO, which would raise a record $75 billion, is expected to close on Monday, according to a company statement released Thursday. SpaceX granted the underwriters a 30-day option to buy up to an additional 83.3 million class A shares at the IPO price.The IPO drew more than $350 billion in orders from institutions and retail investors, with the former accounting for over $250 billion, Bloomberg News reported Friday, citing people familiar with the matter.BlackRock (BLK) had placed an order to buy at least $5 billion worth of SpaceX shares, The Wall Street Journal reported Thursday, citing people familiar with the matter.Investor excitement ahead of the SpaceX IPO seemed to have caused a stir in the market, Wedbush Securities said in a note on Friday."We have already started to see SpaceX impact the entire (technology) market with many investors selling existing tech stocks to make strategic bets on the SpaceX IPO," Wedbush analyst Dan Ives wrote. "We also believe the SpaceX anticipation has caused some added volatility in the market especially in the tech sector as traders/investors anticipate the ripple impact of this historical IPO."The listing makes Musk the world's first trillionaire, Reuters reported.Price: $162.83, Change: $+27.83, Percent Change: +20.61%

$BLK$SPCX$TSLA
Wire

SpaceX Surges 19% in Nasdaq Debut

Shares of Elon Musk's SpaceX (SPCX) rallied 19% on Friday as the rocket and satellite company debuted on the Nasdaq in what is poised to be the world's biggest initial public offering.Space Exploration Technologies, widely known as SpaceX, opened trading at $150, after pricing the IPO at $135. The offering is expected to close on Monday, according to a company statement released Thursday.It plans to raise a record $75 billion, targeting a $1.75 trillion valuation, Wedbush Securities said in a note on Friday. That would place SpaceX among the 10 most valuable public companies in the US, even more valuable than Musk-led Tesla (TSLA).SpaceX granted the underwriters a 30-day option to buy up to an additional 83.3 million class A shares at the IPO price.Musk's SpaceX position is worth about $866 billion, according to a Reuters report.If the stock trades at $138 per share, Musk officially becomes a trillionaire, Wedbush's Dan Ives said.Price: $168.00, Change: $+33.00, Percent Change: +24.44%

$BLK$SPCX$TSLA
Wire

Top Midday Stories: SpaceX Shares Indicated to Open 29% Above IPO Price at $174 Each; Adobe CFO Leaves Company

All three major US stock indexes were up in late-morning trading Friday, as investors prepare for SpaceX's initial public offering and wait for news on a signed deal between the US and Iran.In company news, SpaceX shares are indicated to open at $174 apiece, about 29% above the IPO price of $135 per share, Bloomberg reported Friday.Adobe (ADBE) reported fiscal Q2 adjusted earnings late Thursday of $5.96 per diluted share, up from $5.06 a year earlier and above the FactSet consensus analyst estimate of $5.82. Fiscal Q2 revenue was $6.62 billion, up from $5.87 billion a year ago and above the FactSet consensus of $6.45 billion. For fiscal Q3, the company expects adjusted EPS of $6.05 to $6.10 on revenue of $6.67 billion to $6.72 billion. Analysts polled by FactSet expect $5.77 and $6.52 billion, respectively. For the full year, Adobe expects adjusted EPS of $24.35 to $24.45 on revenue of $26.5 billion to $26.6 billion. Analysts expect $23.54 and $26.06 billion, respectively. The company also announced that Chief Financial Officer Dan Durn will leave the company on Monday, and Steve Day, senior vice president of corporate finance, will serve as interim CFO. Adobe shares were down 7.4% around midday.BlackRock (BLK) HPS Corporate Lending Fund received repurchase requests totaling about 13.3% of shares outstanding as of March 31 but will fulfill requests for just 5% of shares, the fund said Friday in a regulatory filing. The fund previously limited redemptions to 5% after receiving requests to repurchase about 9.3% of share outstanding, according to a March regulatory filing. BlackRock shares were up 2%.SharonAI (SHAZ) said Friday it has entered a six-year strategic compute collaboration with Nvidia (NVDA) to expand AI infrastructure in Australia, including the deployment of up to 40,000 Grace Blackwell GB300 GPUs. SharonAI shares were down 7.8%, while Nvidia shares were up 0.4%.Turkey's Competition Board said Friday it has concluded an investigation into Netflix (NFLX), Amazon (AMZN) Prime, Walt Disney (DIS) and other streaming platforms through a waiver of liability. Netflix agreed to measures that seek to address issues raised by the board regarding its selection of Turkish content, while all of the companies committed to certain steps to address the raised issue of exclusivity clauses in contracts. Netflix and Amazon shares were down 1.1% and 2%, respectively, while Disney shares were up 0.3%.Price: $203.46, Change: $-15.34, Percent Change: -7.01%

$ADBE$AMZN$BLK$DIS$NFLX$NVDA$SHAZ
Wire

Market Chatter: Vanguard Overtakes BlackRock as Largest US ETF Issuer

Vanguard Group has surpassed BlackRock (BLK) to become the largest exchange-traded fund issuer in the US, with about $4.39 trillion in assets across its US-listed ETFs, Bloomberg reported Friday.The milestone follows approximately $13 billion in net inflows in the latest session, pushing Vanguard's ETF assets above the roughly $4.36 trillion managed by BlackRock, according to the report.Vanguard has attracted about $291 billion of ETF inflows so far this year, compared with nearly $120 billion for BlackRock, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $1029.01, Change: $+12.14, Percent Change: +1.19%

$BLK
Equities

AES Prices $1 Billion in Notes

AES (AES) has priced $600 million of senior 5.20% due 2029, and $400 million of 5.75% senior notes due 2033, with an expected closing on June 16, the utility giant disclosed late Thursday.

$AES$BLK$EQT
Sectors

Sector Update: Financial Stocks Rise Late Afternoon

Financial stocks advanced in late Thursday afternoon trading, with the NYSE Financial Index rising 1.2% and the State Street Financial Select Sector SPDR ETF (XLF) adding 1%.The Philadelphia Housing Index climbed 3.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.4%.Bitcoin (BTC-USD) gained 3.2% to $63,436, and the yield for 10-year US Treasuries dropped 8.3 basis points to 4.459%.In economic news, core producer price index, which excludes the more volatile food and energy prices, increased by 0.4% in May, slower than the 0.5% gain expected in a Bloomberg-compiled poll and following a 0.7% gain in April. Core PPI remained at 4.9% year-over-year, but below the 5.4% consensus.US initial jobless claims rose to a level of 229,000 in the week ended June 6 from an unrevised level of 225,000 in the previous week, compared with expectations for an increase to 220,000 in a survey of analysts compiled by Bloomberg.In sector news, the US Supreme Court on Thursday overturned a lower court ruling, blocking activist investors from suing closed-end mutual funds over maneuvers they take to avoid activist-investor takeovers. Saba Capital Master Fund, which led the suing investors, alleged that such moves, like incorporating in favorable jurisdictions, violate the Investment Company Act of 1940.In corporate news, Citigroup (C) launched tokenized depositary receipts for private-company shares, expanding its use of blockchain technology in private markets. Citi shares rose 3.6%.BlackRock (BLK) placed an order to buy at least $5 billion worth of SpaceX shares, the Wall Street Journal reported. Individual investors placed more than $70 billion in orders, and the company also attracted demand from sovereign wealth funds and family offices, including a single family office order of over $1 billion, the report said. BlackRock shares were up 0.8%.KKR (KKR) and co-investors will acquire a majority stake in Chicago-based accounting firm Crowe in a $3 billion deal, The Wall Street Journal reported. Separately, KKR said it launched Helix Digital Infrastructure, a platform with over $10 billion in committed capital to finance AI infrastructure. KKR shares were up 0.1%.Charles Schwab (SCHW) said Thursday that it has lowered expense ratios on four of its equity index ETFs, including funds tracking US mid-cap, small-cap, international small-cap, and emerging markets stocks. Its shares eased 0.1%.

$BLK$C$KKR$SCHW
Sectors

Sector Update: Financial Stocks Mixed Thursday Afternoon

Financial stocks were mixed in Thursday afternoon trading, with the NYSE Financial Index decreasing 0.1% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.7%.The Philadelphia Housing Index rose 2.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.1%.Bitcoin (BTC-USD) gained 2.5% to $63,498, and the yield for 10-year US Treasuries decreased 6.3 basis points to 4.48%.In economic news, core producer price index, which excludes the more volatile food and energy prices, increased by 0.4% in May, slower than the 0.5% gain expected in a Bloomberg-compiled poll and following a 0.7% gain in April. Core PPI remained at 4.9% year-over-year, but below the 5.4% consensus.US initial jobless claims rose to a level of 229,000 in the week ended June 6 from an unrevised level of 225,000 in the previous week, compared with expectations for an increase to 220,000 in a survey of analysts compiled by Bloomberg.In sector news, the US Supreme Court on Thursday overturned a lower court ruling, blocking activist investors from suing closed-end mutual funds over maneuvers they take to avoid activist-investor takeovers. Saba Capital Master Fund, which led the suing investors, alleged that such moves, like incorporating in favorable jurisdictions, violate the Investment Company Act of 1940.In corporate news, BlackRock (BLK) placed an order to buy at least $5 billion worth of SpaceX shares, the Wall Street Journal reported. Individual investors placed more than $70 billion in orders, and the company also attracted demand from sovereign wealth funds and family offices, including a single family office order of over $1 billion, the report said. BlackRock shares were up 1.1%.Charles Schwab (SCHW) said Thursday that it has lowered expense ratios on four of its equity index ETFs, including funds tracking US mid-cap, small-cap, international small-cap, and emerging markets stocks. Its shares rose 0.1%.KKR (KKR) said Thursday it launched Helix Digital Infrastructure, a platform with over $10 billion in committed capital to finance AI infrastructure, including data centers, power and connectivity expansion. KKR shares were down 0.5%.

$BLK$KKR$SCHW
Wire

Sector Update: Financial

Financial stocks were mixed in Thursday afternoon trading, with the NYSE Financial Index increasing 0.1% and the State Street Financial Select Sector SPDR ETF (XLF) easing 0.3%.The Philadelphia Housing Index rose 0.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) shed 0.5%.Bitcoin (BTC-USD) gained 1.8% to $62,526, and the yield for 10-year US Treasuries fell 1 basis point to 4.532%.In corporate news, BlackRock (BLK) placed an order to buy at least $5 billion worth of SpaceX shares, the Wall Street Journal reported. Individual investors placed more than $70 billion in orders, and the company also attracted demand from sovereign wealth funds and family offices, including a single family office order of over $1 billion, the report said. BlackRock shares fell 0.8%.

$BLK

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