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FINWIRES

Sector Update: Financial Stocks Edge Lower in Afternoon Trading

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-- Financial stocks edged down in Wednesday afternoon trading, with the NYSE Financial Index decreasing 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) fractionally lower.

The Philadelphia Housing Index was falling 1.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.4%.

Bitcoin (BTC-USD) was declining 0.5% to $75,931, and the yield for 10-year US Treasuries rose 4.8 basis points to 4.40%.

In sector news, the US Senate Banking Committee on Wednesday voted 13-11 to advance Kevin Warsh's nomination as the next chair of the Federal Reserve, according to media reports. Warsh is on track to be confirmed by the full Senate before current Fed Chair Jerome Powell's term ends on May 15, the reports said.

In corporate news, Robinhood (HOOD) shares fell past 13% after it reported Q1 earnings and revenue that missed analysts' expectations.

Visa (V) shares jumped nearly 9% after it lifted its full-year growth outlook and reported better-than-expected fiscal Q2 results.

OppFi (OPFI) shares rose 1.8% after it has agreed to acquire BNCCORP and its wholly owned unit BNC National Bank in a cash-and-stock deal valued at about $130 million.

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