Sector Update: Financial Stocks Rise Late Afternoon

04:12 PM EDT, 08/13/2025 (MT Newswires) -- Financial stocks advanced in late Wednesday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each adding 0.4%.

The Philadelphia Housing Index climbed 3.9%, and the Real Estate Select Sector SPDR Fund (XLRE) was up 0.3%.

Bitcoin (BTC-USD) rose 1.5% to $121,900, and the yield for 10-year US Treasuries dropped 5.5 basis points to 4.24%.

In economic news, the odds of a 25-basis-point cut in September for the Federal Reserve's key rate rose to 99.9% as of Wednesday afternoon, versus 94% a day ago, according to the CME FedWatch Tool. The likelihood was at 57% a month ago.

Mortgage applications in the US increased last week as lower 30-year rates on conforming loans spurred refinancing activity to the strongest week since April, according to the Mortgage Bankers Association. The market composite index, which measures loan application volume, rose 11% on a seasonally adjusted basis for the week ended Friday, following a 3.1% increase the previous week.

In corporate news, Blackstone's (BX) QTS has raised $1.65 billion via a privately placed sale of high-grade bonds to finance data center projects in the US, Bloomberg reported. Blackstone shares were rising 1.9%.

Bank of Montreal (BNKD) is considering a sale of its transportation finance arm for about $1 billion, Bloomberg reported. Bank of Montreal (BNKD) shares gained 1%.

Marex (MRX) refuted claims by Ningi Research that the company had off balance sheet entities. Marex (MRX) also reported Q2 earnings and revenue that rose more than expected by analysts. The stock climbed 3.4%.

Dave (DAVE) shares jumped past 8% after the firm said its board has expanded its stock repurchase plan to $125 million.

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