Sector Update: Financial Stocks Higher Tuesday Afternoon

02:00 PM EDT, 07/01/2025 (MT Newswires) -- Financial stocks advanced in Tuesday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) both gaining 0.6%.

The Philadelphia Housing Index rose 3.8%, and the Real Estate Select Sector SPDR Fund (XLRE) added 0.9%.

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

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

In economic news, Federal Reserve Chair Jerome Powell said 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 reported in April.

In corporate news, Apollo Global Management (APO) completed its $6.3 billion acquisition of International Game Technology's (IGT) gaming and digital business, and Everi (EVRI). Apollo shares rose 0.5%.

Banco Sabadell agreed to sell its UK unit to Banco Santander (SAN) for 2.65 billion pounds ($3.63 billion), Bloomberg reported. Santander shares dropped 0.4%.

B. Riley Financial (RILY) shares rose 4% after the company entered into an exchange agreement with an institutional investor that will cut its debt by $15 million.

Rocket (RKT) shares rose 2.7% after the company completed its acquisition of Redfin.

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