Sector Update: Financial Stocks Softer Friday Afternoon

01:57 PM EST, 01/30/2026 (MT Newswires) -- Financial stocks were lower in Friday afternoon trading, with the NYSE Financial Index falling 1% and the State Street Financial Select Sector SPDR ETF (XLF) off 0.7%.

The Philadelphia Housing Index dropped 2.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) shed 0.8%.

Bitcoin (BTC-USD) was declining 1.9% to $82,982, and the yield for 10-year US Treasuries was rising 1.6 basis points to 4.24%.

In economic news, the US Bureau of Labor Statistics reported Friday the Producer Price Index rose by 0.5% in December following a 0.2% increase in November, above the 0.2% gain expected in a Bloomberg-compiled survey. After excluding food and energy prices, core PPI jumped by 0.7%, above the 0.2% gain expected and following a flat reading in the previous month.

President Donald Trump nominated Kevin Warsh to succeed Jerome Powell as the next Federal Reserve chair. In a social media post early Friday, Trump announced Warsh's nomination, saying he has known him "for a long period of time." Trump said he has "no doubt" that Warsh "will go down as one of the Great Fed Chairmen, maybe the best." Warsh has previously served as a Fed governor and economic adviser.

In corporate news, American Express (AXP) is nearing an agreement to move its New York City headquarters to 2 World Trade Center, Bloomberg reported. Its shares fell 3.4%.

PennyMac Financial Services (PFSI) shares tumbled 32%. The company reported Q4 earnings late Thursday of $1.97 per diluted share, up from $1.95 a year earlier but below the FactSet consensus of $3.10.

JPMorgan Chase (JPM) is among banks that have started selling down portions of a $20 billion debt package backing the acquisition of Electronic Arts (EA), Bloomberg reported. Middle Eastern, Asian, and smaller European banks are buying up to $3 billion of the term loan A tranche, attracted by its amortizing structure and yields of roughly 250 and 275 basis points over benchmarks, the report said. JPMorgan (JPM) shares were down 0.7%.

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