Sector Update: Financial Stocks Decline Late Afternoon
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Financial stocks declined in late trading, with the NYSE Financial Index down 0.5% and the State Street Financial Select Sector SPDR ETF falling 1.1%. US pending home sales rose 1.4% in April, exceeding expectations. Hanover Insurance shares dropped 2.2% after a downgrade, while Blackstone shares fell 2.3% after exiting a takeover bid. Blackstone is forming a $5 billion joint venture with Google for AI data centers. Lloyds Banking is expanding its US infrastructure financing business. Bitcoin decreased 0.2% to $76,806.
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