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Sector Update: Financial Stocks Decline Late Afternoon

BY MT Newswires | TREASURY | 04/23/26 03:58 PM EDT

03:58 PM EDT, 04/23/2026 (MT Newswires) -- Financial stocks were lower in late Thursday afternoon trading, with the NYSE Financial Index down 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) falling 0.7%.

The Philadelphia Housing Index rose 0.9%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 1.1%.

Bitcoin (BTC-USD) was decreasing 0.4% to $77,852, and the yield for 10-year US Treasuries rose 2.9 basis points to 4.32%.

In economic news, US initial jobless claims rose to 214,000 in the week ended April 18 from an upwardly revised 208,000, compared with the 210,000 print expected in a Bloomberg-compiled survey.

The April flash reading of manufacturing conditions from S&P Global improved to a 47-month high of 54.0 from 52.3 in March, compared with the 52.5 anticipated in a Bloomberg-compiled poll.

In sector news, the White House is reviewing US Securities and Exchange Commission's regulations to simplify the process for companies to file for initial public offerings by easing disclosure requirements, Bloomberg reported, citing the Office of Management and Budget.

In corporate news, American Express (AXP) shares were down 4.9% even after the payments giant reported better-than-expected Q1 results and reiterated its full-year outlook.

Robinhood (HOOD) shares dropped 5.9% after JPMorgan cut the company's price target to $92 from $113, while keeping its neutral rating.

Barclays (BCS) has alleged that capital was fraudulently routed across the corporate network of Market Financial Solutions on a significant scale, Bloomberg reported, citing High Court documents. Barclays (BCS) shares fell 2.7%.

Voya Financial (VOYA) has been encouraged by activist investor Toms Capital Investment Management to put itself up for sale or offload its underperforming health insurer business, the Financial Times reported. Voya shares climbed 4.2%.

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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