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Sector Update: Financial Stocks Increase Wednesday Afternoon

BY MT Newswires | TREASURY | 01:52 PM EST

01:52 PM EST, 03/04/2026 (MT Newswires) -- Financial stocks were advancing in Wednesday afternoon trading, with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.6%.

The Philadelphia Housing Index was shedding 0.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.4%.

Bitcoin (BTC-USD) climbed past 7% to $73,134, and the yield for 10-year US Treasuries was rising 2.2 basis points to 4.08%.

In economic news, US Treasury Secretary Scott Bessent said Wednesday on CNBC that the US will roll out a series of measures to try to fortify oil shipments through the Persian Gulf. In the same interview, Bessent said the US will implement President Donald Trump's recently announced 15% global tariff rate sometime this week and that tariffs will return to the levels they were at before the US Supreme Court's recent decision to strike down the president's most expansive duties "within five months."

The Institute for Supply Management's US services index rose to 56.1 in February from 53.8 in January, compared with expectations for 53.5 in a survey compiled by Bloomberg.

ADP's monthly measure of private payrolls showed a 63,000 increase in February, higher than the 50,000 expected in a Bloomberg-compiled survey.

In corporate news, Coinbase (COIN) Chief Executive Brian Armstrong met privately Tuesday with President Donald Trump ahead of Trump's publicly backing the crypto industry in its escalating clash with banks over stalled digital asset legislation, Politico reported Wednesday. Coinbase shares jumped past 14%.

Goldman Sachs (GS) has further reduced the price on a downsized $1.25 billion financing tied to Arclin's acquisition of DuPont de Nemours' (DD) Aramids unit, Bloomberg reported. Goldman shares were up 0.8%.

Barclays (BCS) is owed about 500 million British pounds ($668.8 million) by companies associated with collapsed UK mortgage lender Market Financial Solutions, Bloomberg reported. Barclays (BCS) shares added 0.5%.

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

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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