Sector Update: Financial Stocks Decline Tuesday Afternoon

01:46 PM EDT, 07/08/2025 (MT Newswires) -- Financial stocks fell in Tuesday afternoon trading with the NYSE Financial Index dropping 0.4% and the Financial Select Sector SPDR Fund (XLF) shedding 0.8%.

The Philadelphia Housing Index rose 0.5%, and the Real Estate Select Sector SPDR Fund (XLRE) eased 0.3%.

Bitcoin (BTC-USD) advanced 0.4% to $108,805, and the yield for 10-year US Treasuries rose 3.4 basis points to 4.43%.

In economic news, President Donald Trump said in a post on Truth Social that tariffs against a broad group of trading partners would take effect Aug. 1, with no extensions granted.

The National Federation of Independent Business' monthly Small Business Optimism Index fell to 98.6 in June from 98.8 in May. The gauge rose from 91.5 a year earlier.

Redbook US same-store sales last week rose 5.9% from a year earlier, following after a 4.9% increase in the prior week.

In corporate news, the Kuwait Investment Authority sold a $3.1 billion stake in Bank of America (BAC) in an overnight block trade, Bloomberg reported. Bank of America (BAC) shares dropped 2.8%.

Robinhood (HOOD) is in talks with regulators over the European launch of tokenized equities, Bloomberg reported, citing Chief Executive Officer Vlad Tenev. Robinhood shares fell 1.6%.

UBS (UBS) made 100 goodwill payments to clients in Switzerland who lost money on foreign exchange trades after US tariff announcements in April triggered a drop in the dollar, the Financial Times reported. UBS shares rose 2.8%.

SoFi Technologies (SOFI) shares gained 4%. The investment platform plans to add private markets funds, including Cashmere, Fundrise and Liberty Street Advisors, to expand access to alternative investments.

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