Sector Update: Financial Stocks Decline Wednesday Afternoon

02:14 PM EDT, 05/13/2026 (MT Newswires) -- Financial stocks were lower in Wednesday afternoon trading, with the NYSE Financial Index decreasing 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 1%.

The Philadelphia Housing Index was falling 1.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.7%.

Bitcoin (BTC-USD) was declining 1.4% to $79,278, and the yield for 10-year US Treasuries was rising 2 basis points to 4.48%.

In economic news, the US Producer Price Index rose 1.4% in April from a 0.7% gain in March, according to the Bureau of Labor Statistics, beating the 0.5% increase expected in a Bloomberg poll. After excluding food and energy prices, core PPI surged 1.0% from 0.2%, above the 0.3% advance anticipated.

In corporate news, Wells Fargo (WFC) shares were down 1.7%. The company is marketing investment-grade bonds in as many as three parts, with maturities between three and six years, Bloomberg reported.

Blackstone (BX) has withdrawn from talks for a proposed $4 billion deal involving New World Development after negotiations broke down over control of the company, Bloomberg reported. Blackstone shares fell 2.4%.

JPMorgan Chase (JPM) has appointed global head of investment banking coverage Dorothee Blessing, global head of capital markets Kevin Foley and financial institutions group co-head Jared Kaye as co-heads of global investment banking, according to media reports. JPMorgan (JPM) shares were down 1.1%.

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