Stock Market Update

[BRIEFING.COM] The major averages continue to trade in a tight range just above their baselines at midday.

The financials sector (+0.6%) is currently the top-performing S&P 500 sector, one of just two to hold a gain wider than 0.5%.

The sector is supported by s Strong leadership from exchange-related names with Coinbase Global (COIN 176.39, +4.93, +2.88%) leading as bitcoin rises to its highest level in more than a week. Money center banks are also adding support as they extend their bounce from a month-long swoon that started in early February, producing lows in March.

Meanwhile, investment managers such as Blackstone (BX 112.17, -0.88, -0.78%) and Apollo Global Management (APO 106.44, -0.60, -0.56%) trade lower amid persistent worries about private credit exposure.