Sector Update: Financial Stocks Edge Higher Late Afternoon
Financial stocks were slightly higher in late Friday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each adding 0.1%.The Philadelphia Housing Index was falling 0.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) climbed 1.1%.Bitcoin (BTC-USD) was increasing 1% to $59,823, and the yield for 10-year US Treasuries was shedding 1.8 basis points to 4.37%.In economic news, the University of Michigan consumer sentiment index was revised up to 49.5 for June from 48.9 in the preliminary estimate, below expectations of 50.0 in a Bloomberg-compiled poll.In corporate news, Stonepeak Partners has agreed to pay $2.5 billion to acquire the remainder of a lease on Chicago's parking meters from a group led by Morgan Stanley (MS), Bloomberg reported. Morgan Stanley shares were down 4.3%.Cantor Equity Partners I (CEPO), a blank check company associated with Cantor Fitzgerald, told some large investors of its proposed merger with BSTR Holdings that they could provide about a third of their initial commitment, Bloomberg reported, citing a document reviewed by the media outlet. Cantor Equity Partners I was fractionally lower.JPMorgan Chase (JPM) has been hired by ClearScore as a financial advisor ahead of a possible stock market listing that could value the UK fintech at about 2 billion British pounds ($2.64 billion), Sky News reported. JPMorgan shares were down 1.8%.Wise (WSE) reported fiscal 2026 net revenue late Thursday of $2.5 billion, up from $2.1 billion a year earlier. Its shares jumped past 9%.
