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Sector Update: Financial Stocks Softer in Afternoon Trading

BY MT Newswires | TREASURY | 07/02/25 01:57 PM EDT

01:57 PM EDT, 07/02/2025 (MT Newswires) -- Financial stocks were decreasing in Wednesday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each shedding about 0.4%.

The Philadelphia Housing Index was up 0.4%, while the Real Estate Select Sector SPDR Fund (XLRE) was easing 0.3%.

Bitcoin (BTC-USD) was up 3.2% at $109,705, and the yield for 10-year US Treasuries was rising 5.3 basis points to 4.30%.

In economic news, Automatic Data Processing's monthly measure of private payrolls showed a 33,000 decrease in June, compared with expectations compiled by Bloomberg for an increase of 98,000 jobs.

Outplacement firm Challenger, Gray & Christmas said US companies planned to cut 47,999 jobs in June, below 93,816 in May and down from 48,786 a year earlier.

President Donald Trump said Wednesday on Truth Social that the US and Vietnam have reached an agreement under which Vietnam will pay a 20% tariff on all exports sent to the US and a 40% tariff on transshipment. The US will have total access to Vietnamese markets, "meaning that, we will be able to sell our product into Vietnam at ZERO tariff," Trump said.

In corporate news, JPMorgan Chase's (JPM) blockchain unit Kinexys is exploring the development of a service for the tokenization of carbon credits in collaboration with S&P Global (SPGI) Commodity Insights' Environmental Registry, the companies said. JPMorgan (JPM) shares rose 0.4%, and S&P Global (SPGI) was down 0.6%.

UK scientific instruments maker Spectris said it has accepted KKR's (KKR) offer to take over the company for 4.7 billion pounds ($6.44 billion). KKR shares added 1.4%.

Goldman Sachs (GS) has appointed Raghav Maliah as chair of investment banking, a global role he will take on while maintaining his regional duties, Reuters reported, citing a memo issued by the bank. Goldman shares rose 1.2%.

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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