Sector Update: Financial Stocks Advance Late Afternoon

03:48 PM EDT, 07/01/2025 (MT Newswires) -- Financial stocks rose 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, Ohio Valley Banc (OVBC) shares popped 5.1% after it said Tuesday it was included in the Russell 3000 Index.

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%.

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 0.5%.

B. Riley Financial (RILY) shares rose past 10% after it entered into an exchange agreement with an institutional investor that will cut its debt by $15 million.

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