Sector Update: Financial Stocks Decline Late Afternoon

04:00 PM EDT, 05/08/2026 (MT Newswires) -- Financial stocks were lower late Friday afternoon, with the NYSE Financial Index decreasing 0.1% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.5%.

The Philadelphia Housing Index was up 0.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.4%.

Bitcoin (BTC-USD) rose 0.1% to $80,056, and the yield for 10-year US Treasuries lost 2.8 basis points to 4.36%.

In economic news, the April employment report showed nonfarm payrolls rose by 115,000, above the 65,000 jobs rise expected in a Bloomberg survey, while March payrolls were revised up to a 185,000 increase and February payrolls were revised down to a 156,000 decrease.

The University of Michigan's preliminary consumer sentiment index fell to 48.2 in May from 49.8 in April, lower than the expectations for a smaller decrease to 49.5 in a Bloomberg poll.

In corporate news, Apollo Global Management (APO) and Blackstone (BX) are among the private-credit firms involved in discussions with Broadcom (AVGO) on $35 billion in financing, Bloomberg reported. Apollo shares rose 3.8%, and Blackstone added 1%.

Block (XYZ) shares jumped past 7% after the company late Thursday reported higher adjusted earnings and revenue that also beat analysts' estimates.

Two Harbors Investment (TWO/PA) shares rose 1.3% after the firm said it signed an amended merger agreement with CrossCountry Mortgage to increase the all-cash buyout offer to $12 per share from $11.30.

Goldman Sachs (GS)-backed (GS) Go is seeking a valuation of about 200 billion Japanese yen ($1.28 billion) for its initial public offering in Tokyo, Bloomberg reported. Goldman was up 1.1%.

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