Financial stocks were rising in Thursday afternoon trading, with the NYSE Financial Index adding 0.8% and the Financial Select Sector SPDR Fund (XLF) up 0.6%.

The Philadelphia Housing Index was increasing 0.4%, and the Real Estate Select Sector SPDR Fund (XLRE) was shedding 0.6%.

Bitcoin (BTC-USD) was slightly higher at $107,309, and the yield for 10-year US Treasuries was down 3.4 basis points at 4.26%.

In economic news, The Wall Street Journal reported President Donald Trump may announce his choice to succeed Federal Reserve Chair Jerome Powell as early as September. Powell's term is due to end in May, and the protocol reportedly is for the president to announce a successor three to four months in advance to avoid uncertainty in monetary policy.

Rate-cut odds have shifted, with markets now pricing in a 47% chance of three 25-basis-point cuts this year, compared with just 22% a week earlier, according to the FedWatch Tool.

The US economy contracted more than previously estimated in Q1 as consumer spending weakened, a final estimate released Thursday by the Bureau of Economic Analysis showed. Real GDP in the world's largest economy shrank at a 0.5% annualized rate in the March quarter, worse than the 0.2% decline projected earlier. The consensus was for the contraction rate to be left unrevised, according to a survey compiled by Bloomberg.

In corporate news, Corebridge Financial's (CRBG) SunAmerica Asset Management will be acquired by Venerable, the private company said Thursday. Corebridge shares jumped 5.7%.

Brookfield Asset Management (BAM) is close to finalizing a deal to acquire a majority stake in Oman Tower, Bloomberg reported. Brookfield shares added 0.9%.

DigitalBridge (DBRG) is considering the sale of its Finnish telecom tower and data center company Digita Oy for up to 1 billion euros ($1.2 billion), Bloomberg reported. DigitalBridge shares were down 0.2%.