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Sector Update: Financial

BY MT Newswires | TREASURY | 01:15 PM EST

01:15 PM EST, 03/05/2026 (MT Newswires) -- Financial stocks were decreasing in Thursday afternoon trading, with the NYSE Financial Index falling 1.2% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.7%.

The Philadelphia Housing Index was dropping 2.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 1.5%.

Bitcoin (BTC-USD) was declining 2.6% to $70,809, and the yield for 10-year US Treasuries was rising 6.2 basis points to 4.14%.

In corporate news, Morgan Stanley (MS) is laying off about 3% of its workforce, or around 2,500 employees, The Wall Street Journal reported. The job cuts will affect workers in the bank's investment banking and trading, wealth management and investment management divisions, the report said. Morgan Stanley (MS) shares were down 3.2%.

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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