03:26 PM EDT, 05/29/2025 (MT Newswires) -- Financial stocks were rising in late Thursday afternoon trading, with the NYSE Financial Index up 0.4% and the Financial Select Sector SPDR Fund (XLF) adding 0.3%.

The Philadelphia Housing Index rose 0.7%, and the Real Estate Select Sector SPDR Fund (XLRE) increased 0.7%.

Bitcoin (BTC-USD) was declining 1% to $105,944, and the yield for 10-year US Treasuries dropped 5 basis points to 4.43%.

In economic news, a US federal court ruling challenging a series of tariffs imposed by President Donald Trump likely weakens Washington's position in trade talks, but the administration has other tools to push through the tariffs agenda, analysts said Thursday. The Court of International Trade ruled Wednesday that Trump overstepped his authority by imposing duties under the International Emergency Economic Powers Act. The Trump administration has appealed the ruling, according to media reports.

US initial jobless claims rose to a level of 240,000 in the week ended May 24 from a downwardly revised 226,000 level in the previous week, compared with expectations for a smaller increase to 230,000 in survey of analysts compiled by Bloomberg.

US economic growth, measured by gross domestic product, was revised up to a 0.2% decrease in Q1 from a 0.3% drop in the advance estimate, above the expectations for no revision in a survey compiled by Bloomberg. GDP rose by 2.4% in Q4.

In corporate news, Apollo Global Management ( APO ) , JPMorgan Chase (JPM), Goldman Sachs (GS) and three other banks are collaborating to trade private credit, Bloomberg reported. Apollo and JPMorgan shares rose 0.2%, and Goldman was down 0.7%.