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Sector Update: Financial

BY MT Newswires | TREASURY | 07/01/25 03:32 PM EDT

03:32 PM EDT, 07/01/2025 (MT Newswires) -- Financial stocks advanced in late Tuesday afternoon trading with the NYSE Financial Index gaining 0.4% and the Financial Select Sector SPDR Fund (XLF) adding 0.6%.

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

Bitcoin (BTC-USD) fell 1.3% to $105,815, and the yield for 10-year US Treasuries rose 2 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.

The ISM manufacturing index rose to 49.0 in June from 48.5 in May, led by gains in production and prices. The S&P Global manufacturing PMI was revised upward to 52.9 in June from the flash estimate of 52.0 and the 52.0 print in May.

In corporate news, Equinix (EQIX) is entering its most capital-intensive expansion to date, including $8 billion in new debt and refinancing of $8 billion of low-cost debt, which will weigh on near-term earnings while capturing the approaching inflection in AI demand, Truist Securities said. Truist lowered its price target on Equinix's (EQIX) stock to $904 from $986 and maintained its buy rating. Equinix (EQIX) shares rose 0.3%.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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