Sector Update: Financial Stocks Softer Late Afternoon

03:56 PM EST, 01/14/2026 (MT Newswires) -- Financial stocks declined in Wednesday late afternoon trading, with the NYSE Financial Index fractionally lower and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.2%.

The Philadelphia Housing Index was falling 0.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) rose 0.9%.

Bitcoin (BTC-USD) was increasing 2.2% to $97,472, and the yield for 10-year US Treasuries fell 3 basis points to 4.14%.

In economic news, the US Producer Price Index rose by 0.2% in November following a 0.1% increase in October, as expected in a survey compiled by Bloomberg. After excluding food and energy prices, core PPI was flat, below the 0.2% gain expected and following a 0.3% increase in the previous month.

US retail sales rose more than projected in November as outlays on motor vehicles and at fuel stations turned positive, delayed government data showed Wednesday. Sales grew 0.6% sequentially in November, following a 0.1% decrease the previous month, the Census Bureau said. The consensus was for a 0.5% increase in a Bloomberg-compiled consensus.

In corporate news, Citigroup (C) CEO Jane Fraser, in a memo on Wednesday, told staff that the "bar is raised" and signaled more job cuts ahead, following about 1,000 layoffs already made this week, Bloomberg reported, citing a copy of the note. Fraser said Citi is "not graded on effort but on results" as she pushed to lift profitability and investor returns after years of underperformance since the 2008 financial crisis, the report said. Citi's Q4 results Wednesday missed Wall Street's views as it booked a $1.1 billion after-tax loss on the planned sale of its Russian operations. Citi shares were down 3.7%.

Wells Fargo (WFC) on Wednesday reported Q4 adjusted earnings above market expectations, although revenue fell short of estimates amid weakness in investment banking. Its shares dropped 4.5%.

Bank of America (BAC) reported better-than-expected Q4 results on Wednesday, buoyed by double-digit gains in asset management fees, while Chief Executive Brian Moynihan said the lender is "bullish" on the US economy in 2026. Its shares were still down 3.8%.

Goldman Sachs (GS) is leading a takeover of the Radford Studio Center in Los Angeles after Hackman Capital Partners, its owner, defaulted on a $1.1 billion mortgage, Bloomberg reported, citing a letter from Hackman's HCP Studio Fund to investors. Goldman shares were down 0.6%.

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