Sector Update: Financial Stocks Retreat Thursday Afternoon

01:50 PM EST, 11/06/2025 (MT Newswires) -- Financial stocks were decreasing in Thursday afternoon trading, with the NYSE Financial Index easing 0.3% and the Financial Select Sector SPDR Fund (XLF) down 0.6%.

The Philadelphia Housing Index was shedding 0.7%, and the Real Estate Select Sector SPDR Fund (XLRE) was decreasing 0.2%.

Bitcoin (BTC-USD) was declining 2.4% to $101,421, and the yield for 10-year US Treasuries was dropping 7.4 basis points to 4.08%.

In economic news, outplacement firm Challenger, Gray & Christmas said Thursday that companies planned to cut 153,074 jobs in October, up from 54,064 in September and 55,597 a year ago, posting the largest total for October since 2003. The most cited reason for layoffs was cost-cutting, which accounted for 50,437 of the monthly total, followed by AI, which accounted for 31,039 layoff intentions.

Separately, small businesses reported that the level of worker shortages remained elevated in October, with a seasonally adjusted 32% of respondents in a National Federation of Independent Business survey released Thursday saying they were having trouble hiring the workers that they needed, the same as in the previous month.

In corporate news, Remitly Global (RELY) shares tumbled 23% after the company posted Q3 results, issued its Q4 outlook and updated its full-year guidance.

Charles Schwab (SCHW) agreed to buy Forge Global (FRGE) for $660 million. Charles Schwab (SCHW) shares rose 0.7% and Forge Global (FRGE) surged 68%.

Brighthouse Financial (BHF) has agreed to be acquired by an affiliate of Aquarian Capital for $70 per share in an all-cash deal valued at about $4.10 billion, the companies said Thursday. Brighthouse shares jumped 27%.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.