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Sector Update: Financial Stocks Decline Late Afternoon

BY MT Newswires | TREASURY | 07/08/25 03:43 PM EDT

03:43 PM EDT, 07/08/2025 (MT Newswires) -- Financial stocks fell in late Tuesday afternoon trading, with the NYSE Financial Index down 0.2% and the Financial Select Sector SPDR Fund (XLF) shedding 0.8%.

The Philadelphia Housing Index rose 0.9%, and the Real Estate Select Sector SPDR Fund (XLRE) increased 0.2%.

Bitcoin (BTC-USD) advanced 0.7% to $109,018, and the yield for 10-year US Treasuries rose 2 basis points to 4.42%.

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.

US consumer credit use rose by $5.1 billion in May, compared with a $10.5 billion increase expected in a survey compiled by Bloomberg and following a $16.9 billion increase in the previous month.

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

In corporate news, Brookfield Asset Management (BAM) -backed Pinegrove Capital Partners is planning to raise $800 million for a new credit fund called Innovation Credit Growth Fund X, Bloomberg reported. Brookfield shares were down 0.4%.

BrightSpire Capital (BRSP) shares fell 1.2% after Barclays downgraded the stock to underweight from equalweight and cut its price target to $5 per share from $7.

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 2.7%.

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 2.1%.

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 2.9%.

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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