Sector Update: Financial

Financial stocks were retreating in Thursday afternoon trading, with the NYSE Financial Index decreasing 0.9% and the Financial Select Sector SPDR Fund (XLF) off 1.2%.

The Philadelphia Housing Index was shedding 0.7%, and the Real Estate Select Sector SPDR Fund (XLRE) was down 1.4%.

Bitcoin (BTC/USD) was declining 3.2% to $68,010, and the yield for 10-year US Treasuries was rising 5 basis points to 4.49%.

In economic news, US initial jobless claims fell to 215,000 in the employment survey week ended May 18 from an upwardly revised 223,000 level in the previous week, compared with expectations for a small decrease to 220,000 in a survey of analysts compiled by Bloomberg as of 7:35 am ET.

The May flash reading of manufacturing conditions from S&P Global rose to 50.9 from 50.0 in April, versus the 49.9 anticipated in a survey compiled by Bloomberg as of 7:35 am ET.

US new-home sales declined to a 634,000 annual rate in April from a downwardly revised 665,000 rate in March, compared with expectations for an increase to a 678,000-rate in a survey compiled by Bloomberg as of 7:35 am ET.

In corporate news, Morgan Stanley MS Chair James Gorman will step down from his post at the end of the year the former chief executive at the investment bank told shareholders at the company annual meeting, the company told MT Newswires in an email message on Thursday. Morgan Stanley shares fell 1.6%.