Sector Update: Financial Stocks Rise Late Afternoon

03:55 PM EDT, 05/05/2026 (MT Newswires) -- Financial stocks advanced in late Tuesday afternoon trading with the NYSE Financial Index rising 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.2%.

The Philadelphia Housing Index gained 2.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) increased 0.3%.

Bitcoin (BTC-USD) rose 2.1% to $81,532, and the yield for 10-year US Treasuries shed 3 basis points to 4.416%.

In economic news, two surveys painted a mixed picture of the US services sector in April, with Institute for Supply Management data showing a deceleration in growth and an S&P Global (SPGI) report indicating a return to expansion.

The US trade deficit grew in March as imports outpaced record-high exports, government data showed. The goods and services deficit widened 4.4% sequentially to $60.31 billion on a seasonally adjusted basis. The consensus was for a deficit of $61 billion in a Bloomberg survey.

In sector news, the US Securities and Exchange Commission proposed rule and form amendments that would permit public companies to file semiannual reports in lieu of quarterly reports.

In corporate news, Citigroup (C/PN) (C) plans to introduce new medium-term profitability targets at its investor day on Thursday, Reuters reported, citing an interview with CEO Jane Fraser. Citi shares rose 2.1%.

PayPal (PYPL) plans to target at least $1.5 billion in cost cuts over the next few years, while the company maintained its full-year earnings outlook. The shares slumped 8%.

Coinbase (COIN) is reducing its global workforce by 14%, citing the need to cut costs amid market volatility and the ways AI has optimized its operations. The shares fell 2.8%.

Bullish (BLSH) shares jumped 11%. The company agreed to acquire transfer agent Equiniti for $4.2 billion in stock from private-equity firm Siris.

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