Sector Update: Financial Stocks Softer Late Afternoon

03:44 PM EDT, 06/24/2026 (MT Newswires) -- Financial stocks were decreasing in late Wednesday afternoon trading, with the NYSE Financial Index down 0.1% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.2%.

The Philadelphia Housing Index was climbing 5.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.2%.

Bitcoin (BTC-USD) was dropping 4.8% to $59,625, and the yield for 10-year US Treasuries fell 9.3 basis points to 4.40%.

In economic news, US new-home sales decelerated to a 580,000 annual rate in May from an upwardly revised 626,000 rate in April, below the 640,000 rate expected in a Bloomberg-compiled survey. Home sales were down 6.8% from May 2025.

Mortgage applications in the US increased last week as refinancing activity improved while home purchase demand edged lower, the Mortgage Bankers Association said. The market composite index, which measures loan application volume, increased 1% in the week ended June 19. On an unadjusted basis, the index decreased 10% compared with the previous week.

In sector news, the US Securities and Exchange Commission's enforcement division is investigating funds popular among private equity firms that allow them to hold assets they either cannot or do not wish to sell, Reuters reported. The investigators are looking into potential conflicts of interest around continuation vehicles, how assets are valued and whether disclosures are consistent and sufficient, the report said.

In corporate news, a Blackstone Mortgage Trust (BXMT)-originated (BXMT) loan on a 40-story Chicago office tower defaulted after the debt reached its maturity deadline on June 9, Bloomberg reported, citing a mortgage filing. New York-based real estate firm 601W defaulted on the $343 million loan on June 9, the filing showed, according to the report. Blackstone Mortgage Trust (BXMT) shares were down 3.8%.

Morgan Stanley's (MS) $7 billion private credit fund capped investor withdrawals at 5% in Q2 after shareholders sought to redeem 11.6% of outstanding shares, Bloomberg reported. More than half of the latest redemption requests at the North Haven Private Income Fund came from investors who were unable to fully exit the fund in the previous quarter, the report said. Morgan Stanley (MS) shares fell 2.2%.

Brookfield Asset Management (BAM) and the Artificial Intelligence Infrastructure Partnership are among possible bidders for Stack Infrastructure's data centers in the Asia Pacific, Bloomberg reported. Other potential suitors include KKR (KKR), the report said. Brookfield shares were down 4.2%, and KKR shed 2.6%.

ProAssurance (PRA) shares rose 1.4% after the company said it has received all regulatory approvals for its planned merger with The Doctors Co.

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