Sector Update: Financial

01:36 PM EDT, 07/01/2025 (MT Newswires) -- Financial stocks were advancing in Tuesday afternoon trading, with the NYSE Financial Index up 0.4% and the Financial Select Sector SPDR Fund (XLF) ahead 0.5%.

The Philadelphia Housing Index was climbing 3.9%, and the Real Estate Select Sector SPDR Fund (XLRE) was adding 0.9%.

Bitcoin (BTC-USD) was declining 1.4% to $106,286, and the yield for 10-year US Treasuries was rising 2.3 basis points to 4.25%.

In regulatory news, President Donald Trump's Department of Government Efficiency, or DOGE, is pressuring the Securities and Exchange Commission to ease regulations on special purpose acquisition companies and private fund disclosures, Reuters reported Tuesday.

In economic news, Federal Reserve Chair Jerome Powell said President Donald Trump's sweeping tariffs prompted the central bank to hold off on cutting interest rates this year. While inflation has remained relatively stable, the Fed expects "to see over the summer some higher readings, but we're prepared to learn that it can be higher or lower or later or sooner than we expected," Powell said.

US job openings rose to 7.769 million in May, according to the Bureau of Labor Statistics, above the 7.3 million openings expected in a survey compiled by Bloomberg and larger than the 7.395 million openings reported in April.

In corporate news, Apollo Global Management (APO) shares rose 0.6% after it said Tuesday it completed its $6.30 billion acquisition of International Game Technology's (IGT) gaming and digital business, and Everi (EVRI).

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