Sector Update: Financial Stocks Decline Late Afternoon

03:42 PM EDT, 07/07/2025 (MT Newswires) -- Financial stocks fell in late Monday afternoon trading with the NYSE Financial Index dropping 1.3% and the Financial Select Sector SPDR Fund (XLF) shedding 1.2%.

The Philadelphia Housing Index lost 1.5%, and the Real Estate Select Sector SPDR Fund (XLRE) declined 1%.

Bitcoin (BTC-USD) eased 0.3% at $108,201, and the yield for 10-year US Treasuries rose 3.8 basis points to 4.389%.

In economic news, President Donald Trump posted on Truth Social two separate letters he sent to the president of South Korea and the prime minister of Japan, informing them that the US will impose a 25% tariff on imports from the two nations starting on Aug. 1. White House press secretary Karoline Leavitt said later that 12 more countries will receive letters from Trump outlining his plans with respect to bespoke tariffs, media reports said.

In corporate news, Blackstone (BX) is exploring a potential joint bid for French telecom operator SFR in a deal valued at up to 30 billion euros ($35.09 billion), including debt, Bloomberg reported. Separately, Blackstone agreed to buy Allegiant Travel's (ALGT) Sunseeker Resort for $200 million. Blackstone shares fell 1.7%.

Progressive's (PGR) previous investment thesis of unencumbered growth and margin expansion is nearing its end, amid rising competition and valuation pressures, Morgan Stanley said, downgrading the stock to equal weight from overweight and cutting its price target to $290 from $330. Progressive shares fell 3.5%.

BlackRock (BLK) agreed to buy ElmTree Funds, a net-lease real estate investment firm with $7.3 billion in assets under management. Separately, BlackRock (BLK) dropped talks with potential investors for the Ukraine Development Fund earlier this year, Bloomberg reported Saturday. BlackRock (BLK) shares fell 0.7%.

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