Sector Update: Financial Stocks Mixed Friday Afternoon
Financial stocks were mixed in Friday afternoon trading, with the NYSE Financial Index decreasing 0.1% and the State Street Financial Select Sector SPDR ETF (XLF) gaining 0.1%.The Philadelphia Housing Index was down 0.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 1.1%.Bitcoin (BTC-USD) was down 4.4% to $60,654, and the yield for 10-year US Treasuries rose 5.3 basis points to 4.53%.In economic news, the unemployment rate remained at 4.3% in May, as expected. The labor force participation rate was also unchanged from 61.8% in April, and the size of the labor force rose by 83,000 on an increase in household employment that was partially offset by a decline in household unemployment.In corporate news, Strategy (MSTR) and Coinbase (COIN) shares were sharply lower in Friday trading amid a broad sell-down in cryptocurrencies. Strategy shares fell 9.4% and Coinbase stock was down 8.7%.Apollo Global Management (APO) on Friday dropped its bid to acquire UK's Bodycote. The firm said it does not intend to make a firm offer for the London-listed company, ending talks after submitting a conditional takeover proposal in May at 8.85 British pounds ($11.89) per share. Apollo shares were down 1.4%.PayPay (PAYP) said it will acquire 70.2% or over 1.1 million shares of T&D Financial Life Insurance from T&D Holdings for 134.3 billion Japanese yen ($837.6 million). PayPay shares dropped 3%.