Sector Update: Financial Stocks Rise Late Afternoon

03:53 PM EDT, 07/16/2025 (MT Newswires) -- Financial stocks advanced in late Wednesday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) both rising 0.7%.

The Philadelphia Housing Index gained 0.8%, and the Real Estate Select Sector SPDR Fund (XLRE) added 0.9%.

Bitcoin (BTC-USD) climbed 1.1% to $118,999, and the yield for 10-year US Treasuries fell 3 basis points to 4.46%.

In economic news, hours after President Donald Trump reportedly told a room of Republican lawmakers he would fire Federal Reserve Chair Jerome Powell, he denied plans to remove Powell from office, CNBC reported.

The producer price index held steady in June following a 0.3% increase in May. After excluding food and energy prices, core PPI held steady, below the 0.2% gain expected and following a 0.4% increase in the previous month, the Bureau of Labor Statistics said.

Mortgage applications in the US plunged in the week ended Friday as home loan rates rose amid renewed worries over tariffs, the Mortgage Bankers Association said. The market composite index, which measures loan application volume, slumped 10% on a seasonally adjusted basis following a 9.4% rise the week prior. Without adjustments, the index climbed 13% on a weekly basis.

Industrial production rose more than expected in June to mark the first gain in four months as utilities' output swung into positive territory, data from the Federal Reserve showed Wednesday. Industrial output grew by 0.3% in June after remaining flat for two consecutive months and falling in March. The consensus was for a 0.1% June increase in a survey compiled by Bloomberg.

In corporate news, Apollo Global Management (APO) is in talks about buying a stake in the holding company that controls Spanish football club Atletico Madrid, the Financial Times reported. Apollo shares were rising 4.5%.

Goldman Sachs (GS) logged stronger-than-expected Q2 results, buoyed by record equity trading revenue and a surge in investment banking gains. Goldman shares rose 0.9%.

Morgan Stanley (MS) reported stronger-than-expected Q2 results as equity trading revenue surged, though the investment banking segment posted a decline. The stock dropped 1.7%.

Bank of America (BAC) reported Q2 earnings that topped market estimates, though revenue missed expectations. Chief Financial Officer Alastair Borthwick said substantial uncertainty remains around the potential impact of tariffs. Its shares were down 0.3%.

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