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Sector Update: Financial Stocks Gain Late Afternoon

BY MT Newswires | TREASURY | 03:56 PM EDT

03:56 PM EDT, 06/04/2026 (MT Newswires) -- Financial stocks were higher in late Thursday afternoon trading, with the NYSE Financial Index rising 2.2% and the State Street Financial Select Sector SPDR ETF (XLF) climbing 2.6%.

The Philadelphia Housing Index increased 0.7%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 1.5%.

Bitcoin (BTC-USD) was 2.6% lower at $63,852, and the yield for 10-year US Treasuries decreased 1.6 basis points to 4.48%.

In economic news, US initial jobless claims rose to a level of 225,000 in the week ended May 30 from a downwardly revised 212,000 level in the previous week, compared with expectations for a 215,000 level in survey of analysts compiled by Bloomberg.

Nonfarm productivity was revised down to a 0.3% growth pace in Q1 from a 0.8% increase in the previous estimate, below a 0.4% gain expected in a survey of analysts compiled by Bloomberg and following a 1.6% gain in Q4.

In corporate news, JPMorgan Chase (JPM) and Jefferies Financial (JEF) are organizing trips to Caracas as foreign investor interest in Venezuela's economic reopening and debt restructuring grows, Bloomberg reported. JPMorgan (JPM) shares rose 3.5%, and Jefferies climbed 4.4%.

Blackstone's (BX) Blackstone Private Credit Fund said repurchase requests equaled about 10% of shares outstanding in Q2, but it will fulfill requests representing just 5% of its value, according to media reports on Thursday. Blackstone shares climbed 8.4%.

Bank of America (BAC) shares rose 2.9% after it said Thursday it plans to introduce a cross-border real-time payment service for corporate and financial institution clients to instantly transfer funds via Swift or its digital CashPro system.

Affirm (AFRM) and Canada Pension Plan Investment Board said Thursday that they have renewed and expanded their forward-flow agreement for consumer installment loans. Affirm shares rose 3.7%.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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