Sector Update: Financial Stocks Decline Late Afternoon

03:47 PM EST, 02/05/2026 (MT Newswires) -- Financial stocks were decreasing in late Thursday afternoon trading, with the NYSE Financial Index falling 1% and the State Street Financial Select Sector SPDR ETF (XLF) dropping 1.1%.

The Philadelphia Housing Index was fractionally lower, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.4%.

Bitcoin (BTC-USD) was falling past 12% to $63,966 and the yield for 10-year US Treasuries dropped 6.5 basis points to 4.21%.

In economic news, January's job cut announcements in the US soared to the highest since October, driven by layoffs at United Parcel Service (UPS) and Amazon.com (AMZN), Challenger Gray & Christmas said Thursday. A total of 108,435 layoff plans were disclosed, more than triple the tally in December and up 118% year over year.

Meanwhile, job openings fell to 6.542 million in December, according to the Bureau of Labor Statistics, below the 7.25 million expected in a Bloomberg survey and down from 6.928 million reported in November.

In corporate news, Bank of America (BAC) is revamping its credit cards as the lender aims to boost the consumer unit's annual profit to $20 billion by the end of the decade, Bloomberg reported. Bank of America (BAC) shares were down 0.8%.

Goldman Sachs (GS) is preparing a $3.75 billion debt financing to back Arclin's acquisition of DuPont de Nemours' (DD) Aramids business, Bloomberg reported. Goldman shares were down 2.2%.

KKR (KKR) shares fell 5.1% after the company posted a decline in Q4 adjusted earnings.

Ares Management (ARES) shares dropped past 10% after it reported Q4 adjusted EPS that missed analysts' expectations.

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