01:54 PM EDT, 05/29/2025 (MT Newswires) -- Financial stocks were rising in Thursday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each adding 0.2%.

The Philadelphia Housing Index rose 0.5%, and the Real Estate Select Sector SPDR Fund (XLRE) increased 0.6%.

Bitcoin (BTC-USD) was declining 1% to $106,464, and the yield for 10-year US Treasuries was dropping 5.3 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, JPMorgan Chase ( JPM ) named former HSBC (HSBC) dealmaker Kamal Jabre as new M&A vice chair to drive growth in Europe, the Middle East and Africa, Reuters reported Thursday. JPMorgan ( JPM ) shares added 0.1%, and HSBC rose 0.8%.

Former Goldman Sachs ( GS ) banker Tim Leissner was sentenced to two years in prison after pleading guilty to his role in looting the Malaysian sovereign investment fund 1MDB, news outlets reported Thursday. Goldman shares were down 0.8%.

Banco Santander (SAN) is considering to start offering retail crypto services to customers of its digital bank and has applied for a license, Bloomberg reported. Santander shares added 0.3%.