Sector Update: Financial Stocks Fall Thursday Afternoon

MT Newswires Live05-08

Financial stocks fell in Thursday afternoon trading with the NYSE Financial Index down 0.8% and the State Street Financial Select Sector SPDR ETF (XLF) shedding around 0.7%.

The Philadelphia Housing Index dropped 1.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) declined 1%.

Bitcoin (BTC-USD) fell 2% to $79,831, and the yield for 10-year US Treasuries rose 2.2 basis points to 4.378%.

In economic news, employers in the US announced 83,387 job cuts in April, up from 60,620 in March, Challenger, Gray & Christmas said Thursday.

In corporate news, Blackstone (BX) and I Squared are considering making a bid for Stroeer that may value the German media group at 2.5 billion euros ($2.94 billion), Bloomberg reported. Blackstone shares were down 2%.

Citigroup (C) Chief Executive Jane Fraser said Thursday at the bank's Investor Day that Citi expects its return on tangible common equity to hit a range of 11% to 13% in 2027 and 2028, up from 10% to 11% currently, before rising further to 14% to 15% from 2029 to 2031, according to a slide deck the company published. Citi shares rose 1.5%.

JPMorgan Chase (JPM) and Citigroup (C) were sued by China's HY Energy over alleged failure of funds transfer, Bloomberg reported. JPMorgan shares fell 2.3%.

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Blackstone shares were down 2%.</p><p>Citigroup (C) Chief Executive Jane Fraser said Thursday at the bank's Investor Day that Citi expects its return on tangible common equity to hit a range of 11% to 13% in 2027 and 2028, up from 10% to 11% currently, before rising further to 14% to 15% from 2029 to 2031, according to a slide deck the company published. Citi shares rose 1.5%.</p><p>JPMorgan Chase (JPM) and Citigroup (C) were sued by China's HY Energy over alleged failure of funds transfer, Bloomberg reported. JPMorgan shares fell 2.3%.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0345769631.USD","symbol_name":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2633615120","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2633615120","pubTimestamp":1778176551,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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