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Sector Update: Financial Stocks Decline Friday Afternoon
02:04 PM EDT -- Financial stocks were lower in Friday afternoon trading, with the NYSE Financial Index falling 1.3% and the State Street Financial Select Sector SPDR ETF (XLF) dropping 2%.
The Philadelphia Housing Index was 0.7% lower, and the State Street Real Estate Select Sector SPDR ETF (XLRE) eased 0.2%.
Bitcoin (BTC-USD) was falling 4.5% to $65,669, and the yield for 10-year US Treasuries was up 1.2 basis points at 4.428%.
In economic news, the University of Michigan consumer sentiment index was revised down to 53.3 for March from a preliminary estimate of 55.5, compared with expectations for 54.0 in a Bloomberg-compiled survey. The final reading in February was 56.6.
In corporate news, shares of Burford Capital (BUR), which backed and funded litigation against Argentina over its nationalization of YPF, tumbled 41% after a US appeals court reversed a ruling ordering the country to pay $16.1 billion to former shareholders of the oil firm, according to media reports.
Citigroup (C) executives have had preliminary talks in recent months about trying to acquire a major US regional bank in order to ramp up deposits, which would help fuel its trading and lending operations, Bloomberg reported. Citi shares were falling 4.1%.
International Exchange (ICE) said it has completed a new $600 million direct cash investment in Polymarket, as part of its ongoing investment arrangement with the prediction market platform. International Exchange shares were down 1%.

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03:33 PM EDT -- Financial stocks were lower in late Friday afternoon trading, with the NYSE Financial Index falling 1.9% and the State Street Financial Select Sector SPDR ETF (XLF) dropping 2.4%.
The Philadelphia Housing Index was shedding 1.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) decreased 0.7%.
Bitcoin (BTC-USD) was falling 4.3% to $65,832, and the yield for 10-year US Treasuries rose 2.4 basis points at 4.44%.
In corporate news, Blue Owl Capital (OWL) is seeking partnerships with family offices, eyeing opportunities ranging from large scale co-investments to pooled vehicles, as it looks to bring more wealthy clients into private markets, Bloomberg reported. Blue Owl shares were down 1.9%.

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Sector Update: Financial Stocks Decline Late Afternoon
04:01 PM EDT -- Financial stocks were lower in late Friday afternoon trading, with the NYSE Financial Index falling 1.9% and the State Street Financial Select Sector SPDR ETF (XLF) dropping 2.4%.
The Philadelphia Housing Index was shedding 1.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) decreased 0.7%.
Bitcoin (BTC-USD) was falling 4.3% to $65,832, and the yield for 10-year US Treasuries rose 2.4 basis points at 4.44%.
In economic news, the University of Michigan consumer sentiment index was revised down to 53.3 for March from a preliminary estimate of 55.5, compared with expectations for 54.0 in a Bloomberg survey. The final reading in February was 56.6.
In corporate news, Blue Owl Capital (OWL) is seeking partnerships with family offices, eyeing opportunities ranging from large scale co-investments to pooled vehicles, as it looks to bring more wealthy clients into private markets, Bloomberg reported. Blue Owl shares were down 1.7%.
Blackstone (BX), as part of a consortium, is in advanced discussions to acquire UK aerospace parts supplier Senior, the Financial Times reported. Blackstone shares fell 1.5%.
Shares of Burford Capital (BUR), which backed and funded litigation against Argentina over its nationalization of YPF, slumped 45% after a US appeals court reversed a ruling ordering the country to pay $16.1 billion to former shareholders of the oil firm, according to media reports.
Citigroup (C) executives have had preliminary talks in recent months about trying to buy a major US regional bank to ramp up deposits, which would help fuel its trading and lending operations, Bloomberg reported. Citi shares were falling 4.6%.

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Financials Down as Private-Credit Worries Persist -- Financials Roundup
Shares of banks and other financial institutions fell as private-credit worries persisted.
Specialists in direct loans to corporations, including Blue Owl, Apollo Global Management and  Blackstone , tested their recent lows, sliding deeper into the red for the year to date.
Shares of legal-finance firm Burford Capital tumbled by more than 45% after a  U.S.  appeals court judge found in favor of  Argentina  in a  $16 billion  case brought by shareholders following the nation's expropriation of oil company YPF.
Two Harbors Investment accepted an improved acquisition bid from  CrossCountry Mortgage , backing out of its previous merger agreement with UWM Holdings.
Spanish lender Banco Santander said it had a strong start to the year, with growth in customers and revenue, and backed its targets despite increasing global economic uncertainty.

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09:03 AM EDT -- Financial stocks were declining pre-bell Friday, with the State Street Financial Select Sector SPDR ETF (XLF) down 0.3%.
The Direxion Daily Financial Bull 3X Shares (FAS) was 1.2% lower and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was up 1.3%.
Barclays (BCS) has been hit with a 1.65 million-euro ($1.91 million) fine from the Federal Financial Supervisory Authority for a breach of supervisory duties in connection with contraventions of the German Securities Trading Act. Shares of Barclays were down more than 1% premarket.

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09:18 AM EDT -- Financial stocks were declining pre-bell Friday, with the State Street Financial Select Sector SPDR ETF (XLF) down 0.5%.
The Direxion Daily Financial Bull 3X Shares (FAS) was 1.5% lower and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was up 1.6%.
Barclays (BCS) has been hit with a 1.65 million-euro ($1.91 million) fine from the Federal Financial Supervisory Authority for a breach of supervisory duties in connection with contraventions of the German Securities Trading Act. Shares of Barclays were down more than 1% premarket.
Banco Santander (SAN) said it is reaffirming its long-term financial targets despite the ongoing global macro uncertainty, citing the stability of its diversified business model. Shares of Banco Santander were 0.2% lower pre-bell.
International Exchange (ICE) said it has completed a new $600 million direct cash investment in Polymarket, as part of its ongoing investment arrangement with the prediction market platform. International Exchange stock was down 0.2% premarket.

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09:15 AM EDT -- Consumer stocks were mixed premarket Friday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) slightly advancing and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) declining by 0.6%.
Alibaba (BABA) and ByteDance are planning to order Huawei's new artificial intelligence chip, Reuters reported, citing people familiar with the matter. Alibaba stock was down more than 1% pre-bell.
Ferrari (RACE) has resumed vehicle shipments to the Middle East following a weeklong pause caused by logistics disruptions amid the ongoing military conflict in the region, Reuters reported, citing a company statement. Ferrari shares were 0.4% higher premarket.
Anheuser-Busch InBev (BUD) said Chairman Martin Barrington will retire from the board following the company's April 29 annual shareholders' meeting. InBev stock was down 0.5% pre-bell.

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01:03 PM EDT -- Consumer stocks were mixed Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 2.2%.
In corporate news, TripAdvisor (TRIP) shares climbed 4.4% after BofA Securities upgraded the company to buy from neutral "as governance catalysts improve the probability of asset value realization." The company had recently signed a cooperation agreement with Starboard Value, leading to a

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Sector Update: Consumer Stocks Mixed Friday Afternoon
01:37 PM EDT -- Consumer stocks were mixed Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 2.3%.
In corporate news, TripAdvisor (TRIP) shares climbed 3.5% after BofA Securities upgraded the company to buy from neutral "as governance catalysts improve the probability of asset value realization." The company had recently signed a cooperation agreement with Starboard Value, leading to a "Board refresh" with four new directors and a more constructive activist engagement, analyst Nafeesa Gupta wrote in a note.
Unilever's (UL) food business potentially combining with McCormick (MKC) would offer Unilever shareholders a majority stake in the new entity and tax benefits, Reuters reported Friday. The proposed deal would involve Unilever spinning off its food business before selling it to McCormick, the report said. Unilever shares were fractionally higher, and McCormick rose 3.3%.
Rivian Automotive (RIVN) secured another $1 billion investment from Volkswagen after completing winter testing for the VW ID EVERY1, the first vehicle in their joint venture to use Rivian's software and electrical architecture, TechCrunch reported. Rivian shares were down 2.4%.
Ferrari (RACE) has resumed vehicle shipments to the Middle East following a weeklong pause caused by logistics disruptions amid the military conflict in the region, Reuters reported, citing a company statement. Ferrari shares were shedding 1.1%.

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Sector Update: Consumer Stocks Mixed Late Afternoon
03:57 PM EDT -- Consumer stocks were mixed late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 0.8% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 2.8%.
In corporate news, Netflix (NFLX) could see a meaningful boost to revenue after raising subscription prices in several markets, Oppenheimer said in a note. Netflix shares eased 0.1%.
Versant Media (VSNT) is considering an acquisition of Vox Media's podcast network, The New York Times reported Friday. Versant shares were down 2.6%.
Unilever's (UL) food business potentially combining with McCormick (MKC) would offer Unilever shareholders a majority stake in the new entity and tax benefits, Reuters reported Friday. The proposed deal would involve Unilever spinning off its food business before selling it to McCormick, the report said. Unilever shares were down 0.7%, and McCormick rose 2.5%.
Rivian Automotive (RIVN) secured another $1 billion investment from Volkswagen after completing winter testing for the VW ID EVERY1, the first vehicle in their joint venture to use Rivian's software and electrical architecture, TechCrunch reported. Rivian shares were down 2.7%.