Sector Update: Financial

01:23 PM EDT, 06/23/2025 (MT Newswires) -- Financial stocks were decreasing in Monday afternoon trading, with the NYSE Financial Index shedding 0.4% and the Financial Select Sector SPDR Fund (XLF) off 0.3%.

The Philadelphia Housing Index was climbing 1.1%, and the Real Estate Select Sector SPDR Fund (XLRE) added 0.9%.

Bitcoin (BTC-USD) was increasing 2.1% to $101,577, and the yield for 10-year US Treasuries dropped 6 basis points to 4.31%.

In economic news, if conditions are appropriate, the Federal Open Market Committee could consider reducing interest rates as soon as its next meeting in July, Federal Reserve Vice Chair for Supervision Michelle Bowman said Monday at a research conference sponsored by the International Journal of Central Banking and the Czech National Bank. "As we think about the path forward, it is time to consider adjusting the policy rate."

The pace of US existing home sales rose by 0.8% to a 4.03 million seasonally adjusted annual rate in May from 4.00 million in April, compared with an expected decrease to a 3.95 million rate in a survey compiled by Bloomberg, data from the National Association of Realtors released Monday showed.

The flash reading of manufacturing conditions from S&P Global was unchanged in June from the 52.0 reading in May, compared with an expected decrease to a reading of 51.0 in a survey compiled by Bloomberg.

In corporate news, Howard Hughes (HHH) shares were falling nearly 5% after JPMorgan downgraded the company's stock to neutral from overweight and cut its price target to $76 from $82.

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