Sector Update: Financial Stocks Higher Late Afternoon

03:46 PM EDT, 06/26/2025 (MT Newswires) -- Financial stocks rose in late Thursday afternoon trading with the NYSE Financial Index adding 0.8% and the Financial Select Sector SPDR Fund (XLF) up 0.7%.

The Philadelphia Housing Index gained 0.6%, and the Real Estate Select Sector SPDR Fund (XLRE) fell 0.7%.

Bitcoin (BTC-USD) fell 0.3% to $107,417, and the yield for 10-year US Treasuries declined 3.8 basis points to 4.26%.

In economic news, The Wall Street Journal reported President Donald Trump may announce his choice to replace Federal Reserve Chair Jerome Powell as early as September. Powell's term is due to end in May, and the protocol 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 22% a week earlier, according to the FedWatch Tool.

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

In corporate news, Carlyle (CG) and UBS's (UBS) Unified Global Alternatives business are collaborating on an open-ended private equity secondaries initiative for wealth management clients. Carlyle shares rose 3%, and UBS added 2.7%.

Equinix (EQIX) shares fell 8.1%. The company expects annual revenue growth of 7% to 10% through 2029, based on its long-term outlook. BofA Securities, HSBC and TD Cowen lowered their price targets on the stock.

Coinbase (COIN) is well positioned to benefit from further blockchain adoption with more partnerships between traditional finance and crypto native ventures to come, Oppenheimer said. Coinbase shares jumped 6.1%.

Brookfield Asset Management (BAM) is close to finalizing a deal to acquire a majority stake in Oman Tower, Bloomberg reported. Brookfield shares added 1.4%.

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