Sector Update: Financial Stocks Fall Late Afternoon

03:48 PM EDT, 05/07/2026 (MT Newswires) -- Financial stocks fell in late Thursday afternoon trading with the NYSE Financial Index down 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.6%.

The Philadelphia Housing Index dropped 1.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) declined 0.7%.

Bitcoin (BTC-USD) fell 1.8% to $79,934, and the yield for 10-year US Treasuries rose 3.6 basis points to 4.39%.

In economic news, employers in the US announced 83,387 job cuts in April, up from 60,620 in March, Challenger, Gray & Christmas said Thursday.

US consumer credit use jumped by $24.8 billion in March, compared with a $13.5 billion increase expected in a survey compiled by Bloomberg and following an $8.9 billion increase in the previous month.

In corporate news, KKR (KKR) shares decreased 0.8% after Argus lowered the company's price target to $115 from $120.

Blackstone (BX) and I Squared are considering making a bid for Stroeer that may value the German media group at 2.5 billion euros ($2.94 billion), Bloomberg reported. Blackstone shares were down 2%.

Citigroup (C/PN) (C) Chief Executive Jane Fraser said Thursday at the bank's Investor Day that Citi expects its return on tangible common equity to hit a range of 11% to 13% in 2027 and 2028, up from 10% to 11% currently, before rising further to 14% to 15% from 2029 to 2031, according to a slide deck the company published. Citi shares rose 1.8%.

JPMorgan Chase (JPM) and Citigroup (C/PN) were sued by China's HY Energy over alleged failure of funds transfer, Bloomberg reported. JPMorgan (JPM) shares fell 2.6%.

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