Sectors
Sector Update: Financial Stocks Edge Lower Wednesday Afternoon
Financial stocks were softer in Wednesday afternoon trading, with the NYSE Financial Index 0.1% lower and the State Street Financial Select Sector SPDR ETF (XLF) down 0.2%.The Philadelphia Housing Index was falling 2.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was adding 0.5%.Bitcoin (BTC-USD) was increasing 0.6% to $62,078, and the yield for 10-year US Treasuries rose 1.2 basis points to 4.54%In economic news, the US seasonally adjusted consumer price index, a measure of inflation, rose by 0.5% in May, as expected, following a 0.6% increase in April, according to data released Wednesday by the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, rose by 0.2%, below the consensus estimate for a 0.3% increase. Core CPI rose by 0.4% in April. The year-over-year rates for overall and core CPI increased to 4.2% and 2.9%, respectively, from 3.8% and 2.8% in the previous month.In corporate news, Brookfield Asset Management (BAM) is expanding its offerings for wealthy investors in Japan, targeting infrastructure, real estate, and private credit as hedges against inflation, Nikkei reported. Brookfield shares were down 1.2%.Nasdaq (NDAQ) Verafin is launching a new set of agentic workers, beginning with the Agentic AML Analyst and the Agentic Fraud Analyst, the firm said. Shares were down 0.7%.Ares Management (ARES) has closed its Ares Pathfinder Fund III and Ares Pathfinder Fund III (Offshore), known together as Pathfinder III, at $8.5 billion in commitments, the company said Wednesday. Ares shares declined 1%.
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