Sector Update: Financial Stocks Rise Late Afternoon

03:49 PM EDT, 08/20/2025 (MT Newswires) -- Financial stocks were higher in late Wednesday afternoon trading, with the NYSE Financial Index increasing 0.6% and the Financial Select Sector SPDR Fund (XLF) up 0.7%.

The Philadelphia Housing Index was falling 2.2%, while the Real Estate Select Sector SPDR Fund (XLRE) was adding 0.6%.

Bitcoin (BTC-USD) was rising 0.5% to $113,970, and the yield for 10-year US Treasuries was 1.5 basis points lower at nearly 4.29%.

In economic news, mortgage applications in the US fell last week as the 30-year fixed rate on conforming loans ticked higher, the Mortgage Bankers Association said Wednesday. The market composite index, which measures loan application volume, dropped 1.4% on a seasonally adjusted basis for the week ended Friday, following a roughly 11% jump the week prior. Without adjustments, the index fell 2% on a weekly basis.

In corporate news, Upstart (UPST) shares climbed nearly 4% after JPMorgan (JPM) upgraded the company to overweight from neutral and cut its price target to $88 from $93.

JPMorgan Chase (JPM) and Mitsubishi UFJ Financial (MUFG) are nearing a deal to underwrite a $22 billion loan to build a data center campus for Vantage Data Centers in Texas, the Financial Times reported. JPMorgan (JPM) shares added 0.8% and Mitsubishi UFJ gained 1.1%.

Aspen Insurance (AHL) is in talks to be bought by Sompo, Insurance Insider reported. Aspen shares jumped past 16%.

Citigroup (C) hired a law firm to investigate complaints that Andy Sieg, the bank's wealth-management chief, intimidates and unfairly sidelines workers, Bloomberg reported. Citi shares were down 0.5%.

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