Sector Update: Financial Stocks Lower in Afternoon Trading

01:44 PM EDT, 07/11/2025 (MT Newswires) -- Financial stocks were decreasing in Friday afternoon trading, with the NYSE Financial Index shedding 0.9% and the Financial Select Sector SPDR Fund (XLF) down 1%.

The Philadelphia Housing Index was falling 1%, and the Real Estate Select Sector SPDR Fund (XLRE) was easing 0.2%.

Bitcoin (BTC-USD) was increasing 3.4% to $117,475, and the yield for 10-year US Treasuries climbed 7.1 basis points to 4.42%.

In economic news, President Donald Trump announced tariffs on Canada and threatened to impose blanket duties on most other trading partners. In a letter sent to Canada on Thursday, Trump said the US will impose 35% tariffs on Canadian imports, effective Aug. 1, separate from all sectoral tariffs. The rate will go up if Canada retaliates, the letter said. In an interview with NBC News on Thursday, Trump said he plans to impose blanket tariffs of 15% or 20% on most trade partners.

In corporate news, HSBC (HSBC) has left the Net-Zero Banking Alliance, the world's largest climate banking group, following the lead of several major US, Japanese, and Canadian banks that exited over the past eight months, media outlets reported, citing the lender. HSBC (HSBC) shares were shedding 1.7%.

MVB Financial (MVBF) shares fell 0.9% after it said Friday that Donald Robinson will step down as president and chief financial officer of the company and its MVB Bank unit, effective July 14. The company and the bank have appointed Michael Sumbs as CFO, MVB Financial (MVBF) said, adding that Chief Executive Larry Mazza will reassume the president role in addition to his duties as CEO.

Goldman Sachs (GS) and BBVA (BBVA) are among banks offering 500 million euros ($584.63 million) in debt to facilitate Warburg Pincus' acquisition of a majority stake in Uvex, Bloomberg reported. Goldman shares were down 1% and BBVA fell 3.3%.

Civista Bancshares (CIVB) shares dropped more than 12.2% after it priced an underwritten public offering of about 3.3 million common shares at $21.25 per share for gross proceeds of about $70 million.

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