Sector Update: Financial Stocks Decline Thursday Afternoon

01:42 PM EDT, 05/28/2026 (MT Newswires) -- Financial stocks were lower in Thursday afternoon trading, with the NYSE Financial Index decreasing 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) down 0.4%.

The Philadelphia Housing Index eased 0.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.1%.

Bitcoin (BTC-USD) was falling 1.3% to $73,337, and the yield for 10-year US Treasuries was down 3 basis points at 4.45%.

In economic news, on a month-on-month basis, the personal consumption expenditures, or PCE, price index slowed to 0.4% in April from 0.7% in the previous month, Bureau of Economic Analysis data showed Thursday. The Street expected 0.5%. The core PCE price index, which excludes the more volatile food and energy and is the Fed's preferred inflation gauge, grew by 0.2% versus March's 0.3%, also the consensus for April.

US economic growth, as measured by gross domestic product, rose by 1.6% in Q1, revised lower from a 2.0% increase in the advance estimate. No revision was expected in a survey compiled by Bloomberg. GDP rose by 0.5% in Q4.

New orders for US durable goods rose by 7.9% in April following a 1.3% increase in March, beating the 4.0% gain forecast in a survey compiled by Bloomberg.

In corporate news, MetLife (MET) and Ares Management (ARES) are at odds over restructuring of Eagle Football Group's debt, Bloomberg reported. Ares, which has provided more than $400 million in financing to Eagle Football, is trying loan restructuring while MetLife (MET) is being told to wait longer to get paid back, the report said. MetLife (MET) shares were down 1.2%, and Ares rose 0.3%.

Cambridge University is pulling out funds from HSBC (HSBC) , Barclays (BCS) , and other institutions that continue to finance fossil fuels, Bloomberg reported. HSBC (HSBC) shares fell 1.5%, and Barclays (BCS) was down 0.8%.

Apollo Global Management (APO) and other investment firms, including Angelo Gordon and Oaktree Capital, are facing a lawsuit from a rival creditor group alleging they planned illicit financing deals to take collateral from chemical manufacturer Trinseo, The Wall Street Journal reported. Apollo shares were shedding 0.7%.

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