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Sector Update: Financial

BY MT Newswires | TREASURY | 07/02/25 03:35 PM EDT

03:35 PM EDT, 07/02/2025 (MT Newswires) -- Financial stocks fell in late Wednesday afternoon trading with the NYSE Financial Index easing 0.1% and the Financial Select Sector SPDR Fund (XLF) shedding 0.2%.

The Philadelphia Housing Index rose 0.8%, while the Real Estate Select Sector SPDR Fund (XLRE) advanced 0.1%.

Bitcoin (BTC-USD) climbed 3.6% to $109,552, and the yield for 10-year US Treasuries gained 4.2 basis points to 4.29%.

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.

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 on Truth Social that the US and Vietnam reached a trade agreement with the Asian nation paying a 20% tariff on all exports sent to the US and a 40% tariff on transshipment. The US will have full access to Vietnamese markets, meaning "we will be able to sell our product into Vietnam at ZERO tariff," Trump said.

In corporate news, shares of crypto-related companies rose after the Wall Street Journal reported that Ripple applied for a national banking license with the US Office of the Comptroller of the Currency. MicroStrategy (MSTR) gained 8%, Coinbase (COIN) climbed 6.2%, and MARA Holdings (MARA) jumped 13%.

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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