-- Financial stocks were mixed in late Wednesday afternoon trading, with the NYSE Financial Index shedding 0.1% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.9%.
The Philadelphia Housing Index was falling 2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was decreasing 0.1%.
Bitcoin (BTC-USD) was rising 1.5% to $75,233, and the yield for 10-year US Treasuries increased 2.5 basis points to 4.28%
In economic news, the New York Federal Reserve's Empire State manufacturing index rebounded to 11.0 in April from minus 0.2 in March, above the expectations for a 0.0 print in a Bloomberg-compiled survey.
The National Association of Home Builders' monthly housing market index fell to 34 in April from a revised 38 in March, compared with expectations for 37 in a survey compiled by Bloomberg.
In corporate news, Morgan Stanley (MS) plans to raise $10 billion in one of the largest bond sales by a Wall Street bank, following its Q1 results, Bloomberg reported. Morgan Stanley posted stronger-than-expected Q1 results as sharp gains in investment banking and trading activity helped boost revenue to a record. Its shares climbed past 4%.
Bank of America's (BAC) Q1 results topped Wall Street's estimates, buoyed by double-digit gains in investment banking and asset management fees, while Chief Executive Brian Moynihan said factors including robust consumer spending indicate a resilient US economy. Its shares rose 2.2%.
Pacific Investment Management said it bought the entire $400 million bond issuance from Blue Owl Capital's (OWL) business development company, signaling confidence in a volatile private credit market, Bloomberg reported. Blue Owl Capital shares jumped past 8%.
Ares Management (ARES) Chief Executive Michael Arougheti said private credit defaults are relatively contained, with most of the troubles in the sector caused by a lack of liquidity and high interest rates, Reuters reported Wednesday. Ares shares climbed 6%.