Financial stocks declined in Thursday afternoon trading, with the NYSE Financial Index decreasing 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.5%.
The Philadelphia Housing Index was falling 2.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.6%.
Bitcoin (BTC-USD) was shedding 1.5% to $77,113, and the yield for 10-year US Treasuries was rising 8.1 basis points to 4.918%.
In economic news, the US Bureau of Labor Statistics' wholesale price inflation gauge, the Producer Price Index, jumped 5.4% from a year ago in August, above the 5.3% forecast in a Bloomberg-compiled survey. The PPI edged up 0.4% month over month, as expected, following a 0.1% increase in July. The August print is the highest growth rate since May.
US initial jobless claims fell to 206,000 in the week ended Sept. 5 from an upwardly revised 207,000 in the previous week, compared with expectations for 205,000 in a Bloomberg-compiled poll.
The European Central Bank raised its three key interest rates by 25 basis points on Thursday, as the energy shock caused by the Middle East war pushes inflation in the euro area above its 2% medium-term target.
In corporate news, Blackstone (BX) said Thursday private equity funds affiliated with Blackstone Capital Partners and Blackstone Energy Transition Partners have signed a deal to acquire Flow Control from Audax Private Equity. Shares were down 2.2%.
TPG (TPG) is exploring a sale of healthcare software company Lyric that could value the business at about $5 billion, Reuters reported. TPG shares fell 3.1%.
Coinbase (COIN) is positioning stablecoin payments as a key pillar of its future revenue strategy as it seeks to reduce its dependence on trading, Bloomberg reported, citing an interview with CEO Brian Armstrong. The US cryptocurrency exchange is working with banks, fintech firms and other companies to move more payment activity into stablecoins, a $300 billion market Armstrong believes could grow tenfold by 2030, the report said. Coinbase shares were shedding 0.9%.