From Nasdaq: 2024-05-23 13:58:38

Financial stocks, including the NYSE Financial Index and the Financial Select Sector SPDR Fund, were down in Thursday afternoon trading, with decreases of 0.9% and 1.5% respectively. The Philadelphia Housing Index and Real Estate Select Sector SPDR Fund also saw declines of 0.7% and 1.4%.

Bitcoin was down 3.2% to $68,010, while the yield for 10-year US Treasuries rose 5 basis points to 4.49%. US initial jobless claims fell to 215,000 in the employment survey week, lower than expectations. The May flash reading of manufacturing conditions rose to 50.9, surpassing expectations.

US new-home sales declined to a 634,000 annual rate in April, below expectations. Morgan Stanley Chair James Gorman will step down at the end of the year, leading to a 1.8% decline in the company’s shares. The US Supreme Court ruled against Coinbase in a jurisdiction case regarding a Dogecoin sweepstakes, resulting in a 3.7% drop in its shares.

JPMorgan Chase is seeking to acquire a private credit company to enhance its asset management business, as reported by Bloomberg. JPMorgan shares were down 0.8% following this news.

Read more at Nasdaq: Financial Sector Update for 05/23/2024: MS, COIN, JPM