Sector Update: Financial Stocks Lower in Afternoon Trading

01:51 PM EST, 03/05/2026 (MT Newswires) -- Financial stocks were decreasing in Thursday afternoon trading, with the NYSE Financial Index falling 1.3% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.6%.

The Philadelphia Housing Index was dropping 2.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 1.3%.

Bitcoin (BTC-USD) was declining 3.2% to $70,915, and the yield for 10-year US Treasuries was rising 5.4 basis points to 4.14%.

In economic news, US job cuts fell in February following a surge at the start of the year, but downsizing plans could pick back up due to the US-Iran war, Challenger Gray & Christmas said Thursday. Employers announced 48,307 layoffs last month, down 72% year-over-year and 55% from January, according to the outplacement and executive coaching firm.

US initial jobless claims remained at 213,000 in the week ended Feb. 28 after a small upward revision in the previous week, compared with expectations for 215,000 in a survey of analysts compiled by Bloomberg.

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 3.1%.

The Federal Reserve said Thursday it has terminated its 2018 enforcement action against Wells Fargo (WFC) after determining that the bank had met all of the required conditions. Wells Fargo (WFC) confirmed in a statement that the Fed Board of Governors ended the 2018 consent order, which was tied to "governance oversight and compliance and operational risk management." Wells Fargo (WFC) shares were shedding 2.5%.

JPMorgan Chase (JPM) has trimmed its stake in Hims & Hers Health (HIMS) . The stake stands at nearly 3.9 million class A common shares, representing 1.7% ownership, as of Feb. 27, down from 17.8 million class A common shares, or 8.1% ownership, as of Sept. 30, according to a regulatory filing Thursday. JPMorgan (JPM) shares were down 1.7% and Hims & Hers Health (HIMS) fell 4%.

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