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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%.

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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%.

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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%

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Wire

State Street Positioned for Strong Capital Activity in 2026, 2027, RBC Says

State Street (STT) is positioned for strong capital return activity in 2026 and 2027 given its robust capital levels and pipeline of new business, RBC Capital Markets said in a Friday note.The company "continues to win new mandates for its products and services," with a business model that continues to yield strong profits as shown by its 20% return on tangible common equity in Q1, RBC said. State Street also achieved new records for revenue and assets under management in Q1, the brokerage noted.State Street reported Q1 earnings Friday of $2.49 per diluted share, compared with $2.04 a year earlier, as revenue increased to $3.80 billion from $3.28 billion. According to RBC, the company raised its 2026 outlook across all key financial metrics to reflect the Q1 results and ongoing organic momentum.RBC also raised its 2026 and 2027 EPS estimates for the company, now expecting $12.20 in 2026 EPS from $11.85 and $13.30 in 2027 EPS from $13.05.RBC lifted its price target on State Street to $155 from $135, with a sector perform rating.Price: $149.11, Change: $+3.67, Percent Change: +2.53%

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Research

Research Alert: CFRA Maintains Buy Rating On Shares Of State Street Corp.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our target by $19 to $164, using a forward P/E of 13.3x our 2026 earnings estimate, compared to the three- and five-year historical averages of 13.5x and 13.0x, respectively. We think strong execution and low-teen Y/Y earnings growth are key drivers. We lift our 2026 EPS view by $0.65 to $12.35 and 2027's by $1.00 to $13.50 on projected revenue of $15.4B in 2026 and $15.7B in 2027. STT reported exceptional Q1 2026 results, demonstrating the strength of its diversified fee-based business model and disciplined execution. It realized return on equity of 11.6% and return on tangible common equity of 17.6%, vs 10.6% and 16.4% a year ago due to some one-time items. With book value at $87.33 and net tangible book value at $56.59, the current price multiples to these metrics are 1.7x and 2.6x, which we view as reasonable, provided we see earnings growth. STT shares currently trade at a 510-bp discount to the S&P 500, and capital returns were $400M in share buybacks and $233M in dividends in Q1 2026.

$STT
Research

Research Alert: State Street Corp. Delivers Earnings And Revenue Beat

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:STT delivered strong Q1 2026 results with adjusted EPS of $2.84, beating consensus of $2.64, and total revenue of $3.80B (+16% Y/Y) driven by broad-based fee growth. The company achieved ROE of 11.6% and ROTCE of 17.6%, with record AUC/A of $54.5T (+17%) and AUM of $5.6T (+20%), while maintaining cost discipline with 86 basis points of operating leverage. We view STT's improved cost controls and strategic partnerships positively as key growth drivers supporting the investment thesis. Management maintained 2026 guidance for fee revenue growth of 4%-6%, single-digit NII growth, and expense increases of only 3%-4%, targeting 100 basis points of operating leverage. We believe STT is well positioned with its strong market position in asset servicing and management, and ability to manage costs amid moderating NII growth ahead. The company returned $633M to shareholders through $400M repurchases and $233M dividends, with a CET1 ratio of 10.6% providing adequate capital flexibility for continued growth.

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US Markets

Stocks Rise Pre-Bell as President Trump Signals Optimism on Iran Deal Prospects

The benchmark US stock measures were pointing higher before the open Friday after President Donald Trump reportedly expressed optimism over prospects for a peace deal with Iran.The S&P 500 and the Nasdaq rose 0.2% each in premarket activity, while the Dow Jones Industrial Average added 0.4%. The indexes finished Thursday in the green, with the Nasdaq extending its winning streak to a 12th consecutive session."It's looking very good that we're going to make a deal with Iran, and it's going to be a good deal," Trump told reporters at the White House on Thursday, according to Bloomberg News. Talks between the US and Iran could resume on the weekend, Trump said.Treasury yields were down before the opening bell, with the two-year rate retreating 1.3 basis points to 3.77% and the 10-year rate off 1.4 basis points to 4.3%.On Thursday, Trump announced on social media that Lebanese President Joseph Aoun and Israeli Prime Minister Benjamin Netanyahu agreed to formally begin a 10-day ceasefire. The ceasefire seeks to pause hostilities between Israel and Iran-backed Hezbollah in Lebanon, a key sticking point in peace negotiations between Washington and Tehran.West Texas Intermediate crude oil dropped 4.1% to $90.82 a barrel in premarket action, while Brent fell 4% to $87.54.Shares of Netflix (NFLX) slumped 9.8% pre-bell after the streaming giant's second-quarter outlook fell short of Wall Street's estimates. Advanced Micro Devices (AMD) edged down 0.4% after closing the previous trading session up 7.8%, while GE Aerospace (GE) rebounded 0.4% following a nearly 5% drop on Thursday.Truist Financial (TFC), Fifth Third Bancorp (FITB), State Street (STT), Regions Financial (RF), Ally Financial (ALLY) and Autoliv (ALV) report their latest financial results before the bell.Federal Reserve Bank of San Francisco President Mary Daly is scheduled to speak at 11:30 am ET, while Richmond Fed President Thomas Barkin speaks at 12:15 pm. Federal Reserve Governor Christopher Waller is slated to speak at 2 pm.Friday's thin economic calendar has the weekly Baker Hughes oil-and-gas rig count at 1 pm.Gold nudged 0.1% higher to $4,814 per troy ounce, while bitcoin slipped 0.1% to $75,132.

Dow JonesNasdaq CompositeS&P 500$ALLY$ALV$AMD$FITB$GE$NFLX$RF$STT$TFC