The S&P 500 closed lower on Thursday, led by losses in JPMorgan, Blackstone and other financial firms.
In terms of market performance, the Dow Jones Industrial Average fell 0.94% to 48,996.08, the S&P 500 fell 0.34% to 6,920.93, and the Nasdaq Composite rose 0.16% to 23,584.28.
Shares of housing acquisition companies fell after US President Donald Trump reportedly took action to impose restrictions on single-family home purchases in an effort to reduce property prices.
Shares of Blackstone and Global Apollo Management plunged more than 5%, contributing to a 1.4% decline in the S&P 500 financial index. American Homes 4 Rent also fell 4.3%.
JPMorgan Chase shares fell 2.3% after Wolfe Research downgraded the bank to “perform” from “outperform.”
Real estate platform Zillow, on the other hand, rose 2%.
Meanwhile, Nvidia and Alphabet led the Nasdaq gains as investors turned back to artificial intelligence (AI) stocks.
Nvidia and Microsoft shares rose around 1%, while Alphabet jumped more than 2% as investors returned to AI stocks despite concerns about high valuations.
Volume on U.S. exchanges traded higher at $17.4 billion, compared to an average of $16.2 billion over the previous 20 sessions.
