Sector Update: Financial Stocks Fall Late Afternoon

04:08 PM EDT, 08/07/2025 (MT Newswires) -- Financial stocks dropped in late Thursday afternoon trading, with the NYSE Financial Index down 0.7% and the Financial Select Sector SPDR Fund (XLF) falling 1.2%.

The Philadelphia Housing Index rose 0.1%, and the Real Estate Select Sector SPDR Fund (XLRE) added 0.3%.

Bitcoin (BTC-USD) advanced 1.5% to hit $116,588, and the yield for 10-year US Treasuries rose 1.8 basis points to 4.25%.

In economic news, initial jobless claims last week rose to 226,000 from an upwardly revised 219,000 in the previous week, compared with expectations for 222,000 in a survey compiled by Bloomberg.

Consumer expectations for one-year US inflation growth rose to a 3.1% gain in July from a 3% gain in the previous month, according to a survey released by the New York Federal Reserve Bank.

In corporate news, Brookfield Asset Management (BAM) shares were down 3.3% after Deutsche Bank downgraded the alternative asset manager to hold from buy, with a $58 price target.

Apollo Global Management (APO) is increasing its loan to SoftBank's Vision Fund 2 by $900 million, bringing the total to $5.4 billion in net-asset value financing, Bloomberg reported. Apollo shares fell 3.4%.

Prudential Financial's (PRU) Assurance IQ was ordered to pay $100 million to settle US Federal Trade Commission charges that the company deceptively marketed health insurance plans and unfairly charged consumers without their consent, the FTC said. Prudential shares shed 3.2%.

Aon (AON) is mulling the sale of wealth manager Wealthspire Advisors, which was acquired in 2024, Citywire reported, citing sources. Aon shares rose 0.3%.

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