Sector Update: Financial Stocks Decline Thursday Afternoon

Financial stocks were decreasing in Thursday afternoon trading, with the NYSE Financial Index shedding 0.7% and the Financial Select Sector SPDR Fund (XLF) off 0.6%.

The Philadelphia Housing Index was falling 0.7%, and the Real Estate Select Sector SPDR Fund (XLRE) was down 0.6%.

Bitcoin (BTC/USD) was increasing 0.6% to $64,599, and the yield for 10-year US Treasuries was rising 5 basis points to 4.70%.

In economic news, US gross domestic product rose 1.6% in Q1 after a 3.4% increase in Q4, slower than a 2.5% gain expected in a survey compiled by Bloomberg as of 7:45 am ET.

Initial jobless claims fell sequentially to 207,000 during the week ended April 20 from an unrevised 212,000, compared with expectations for an increase to 215,000 in a survey of analysts compiled by Bloomberg as of 7:45 am ET.

In corporate news, Deutsche Bank DBK shares jumped past 8% after the company reported higher Q1 results that beat analyst estimates.

Goosehead Insurance GSHD dropped nearly 11% after its Q1 revenue fell short of market expectations.

Marex MMRX shares rose 1.7% in recent Thursday trading after the UK-based financial services company raised about $292.3 million in an initial public offering.