Sector Update: Financial Stocks Retreat Late Afternoon

03:59 PM EST, 03/03/2026 (MT Newswires) -- Financial stocks were lower in late Tuesday afternoon trading, with the NYSE Financial Index dropping 1% and the State Street Financial Select Sector SPDR ETF (XLF) down 0.1%.

The Philadelphia Housing Index was shedding 1.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.4%.

Bitcoin (BTC-USD) was declining 0.9% to $68,145, and the yield for 10-year US Treasuries was slightly higher at 4.06%.

In corporate news, A BlackRock (BLK)-led (BLK) group is seeking to close a port deal without two Panama Canal terminals whose assets were seized by authorities, Bloomberg reported. Separately, BlackRock (BLK) has sold its remaining 11.4% stake in Spanish energy company Naturgy for 2.79 billion euros ($3.25 billion), Reuters reported. BlackRock (BLK) shares were down 1.4%.

Blackstone (BX) shares fell 3.8%. The company's Blackstone Private Credit Fund, or BCRED, said in a Monday filing that its board upsized the maximum amount of permitted share repurchases to 7%, from its usual 5% threshold. The move comes as BCRED said it will fulfill all share repurchase requests in Q1 of nearly $2 billion, exceeding its 5% limit.

JPMorgan Chase (JPM) and Wells Fargo (WFC) are set to provide a revolving credit facility of around $1 billion for the management buyout of healthcare operator Select Medical (SEM), Bloomberg reported. JPMorgan (JPM) shares rose 1%, and Wells Fargo (WFC) was down 0.1%.

Apollo Global Management's (APO) shareholders sued the company in a proposed class action that alleged Apollo and its senior leadership falsely denied business dealings with sex offender Jeffrey Epstein. Apollo shares were up 0.6%.

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