Sector Update: Financial Stocks Higher Friday Afternoon

01:51 PM EDT, 08/08/2025 (MT Newswires) -- Financial stocks were advancing Friday afternoon, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each adding about 0.7%.

The Philadelphia Housing Index was adding 0.4%, while the Real Estate Select Sector SPDR Fund (XLRE) was shedding 0.4%.

Bitcoin (BTC-USD) was up 0.1% at $116,545, and the yield for 10-year US Treasuries was rising 3.9 basis points to 4.28%.

In sector news, the Trump administration is preparing to sell stock in Fannie Mae and Freddie Mac in a deal that could raise around $30 billion, The Wall Street Journal reported.

Separately, in a social media post on Thursday, Trump said he has picked Stephen Miran, chair of the Council of Economic Advisors, to replace Fed Governor Adriana Kugler, whose resignation takes effect Friday. Miran will fill the vacant Fed board seat until the end of January, while the search for a permanent replacement continues, according to Trump.

In corporate news, KKR (KKR) amended its terms with institutional investors to enable it to provide a larger chunk of its deals to wealthy individuals, the Financial Times reported. KKR shares rose 0.6%.

Binance is collaborating with Spanish bank BBVA (BBVA) to allow customers to hold assets off the crypto exchange, the Financial Times reported. BBVA shares added 2.5%.

Essent (ESNT) shares jumped past 5% after it posted higher Q2 earnings and revenue that also beat analysts' estimates.

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