Sector Update: Financial Stocks Advance Late Afternoon

03:48 PM EDT, 07/10/2025 (MT Newswires) -- Financial stocks rose in late Thursday afternoon trading with the NYSE Financial Index gaining 0.5% and the Financial Select Sector SPDR Fund (XLF) advancing 0.7%.

The Philadelphia Housing Index climbed 1.3%, and the Real Estate Select Sector SPDR Fund (XLRE) added 0.8%.

Bitcoin (BTC-USD) gained 3% to $113,519, and the yield for 10-year US Treasuries was little changed at 4.35%.

In economic news, US initial jobless claims last week fell to 227,000 from a downwardly revised 232,000 level in the previous week, compared with expectations for a rise to 235,000 in a Bloomberg survey.

In corporate news, Morgan Stanley (MS) sold its unit focused on electronic market-making for US equity options to Citadel Securities, Bloomberg reported. Morgan Stanley (MS) shares gained 1%.

BIT Mining (BTCM) shares more than doubled as the company plans to raise $200 million to $300 million to build a Solana cryptocurrency treasury.

American Express' (AXP) reaffirmation of full-year guidance and positive billing trends will likely drive shares in Q2, BofA Securities said. American Express (AXP) shares climbed 2.6%.

JPMorgan Chase (JPM) is mulling changes to its benchmark emerging-market bond index to reduce the weightings of China and India, and broaden exposure to other countries, Bloomberg reported. JPMorgan (JPM) shares rose 1.7%.

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