Financial stocks retreated in late Wednesday afternoon trading, with the NYSE Financial Index shedding 0.6% and the Financial Select Sector SPDR Fund (XLF) down 0.4%.
The Philadelphia Housing Index dropped 0.6%, and the Real Estate Select Sector SPDR Fund (XLRE) rose 0.4%.
Bitcoin (BTC-USD) fell 1.6% to $86,128, and the yield for 10-year US Treasuries rose 3.1 basis points to 4.338%.
In economic news, new orders for US durable goods rose by 0.9% in February following an increase of 3.3% in January, compared with expectations for a 1% fall in a Bloomberg survey.
In corporate news, Block (XYZ) plans to cut 930 employees and move almost 200 managers to nonmanagement roles, The Guardian reported, citing an internal email sent by co-founder Jack Dorsey on Tuesday. Block shares dropped 3.3%.
SurgePays (SURG) shares jumped 68%. The company said overnight that it expects revenue to exceed $200 million over the next 12 months, compared with $60.9 million in 2024.
B. Riley Financial (RILY) shares rose 3.2% after saying Wednesday it negotiated an exchange agreement with an institutional investor that is expected to cut the company's outstanding debt by about $35 million.
Paychex (PAYX) shares popped 4.5% after it reported higher-than-expected fiscal Q3 earnings, buoyed by revenue growth across its two main business segments.
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