Sector Update: Financial Stocks Edge Higher in Afternoon Trading

02:07 PM EDT, 08/28/2025 (MT Newswires) -- Financial stocks edged higher in Thursday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each up 0.1%.

The Philadelphia Housing Index fell 0.5%, and the Real Estate Select Sector SPDR Fund (XLRE) dropped 0.6%.

Bitcoin (BTC-USD) gained 1.1% to $112,516, and the yield for 10-year US Treasuries was dropping 3 basis points to 4.21%.

In economic news, gross domestic product was revised upward to a 3.3% jump in Q2 from a 3% gain in the advance estimate, above the 3.1% increase expected in a survey compiled by Bloomberg. GDP fell by 0.5% in Q1.

Initial jobless claims fell to 229,000 in the week ended Aug. 23 from a downwardly revised 234,000 in the previous week, compared with expectations for a decrease to 230,000 in a Bloomberg-compiled survey of analysts.

Federal Reserve Governor Lisa Cook filed a lawsuit Thursday in federal court contesting President Donald Trump's attempt to oust her from the Board of Governors over allegations she lied on mortgage applications, Bloomberg reported, citing court records.

In corporate news, Gryphon Digital Mining (GRYP) is nearing the completion of its merger with American Bitcoin, with the combined company aiming to begin Nasdaq trading in early September under the ticker ABTC, Reuters reported, citing Hut 8 (HUT) Chief Executive Officer Asher Genoot, whose company holds an 80% stake in American Bitcoin. Gryphon shares jumped 23%, and Hut 8 (HUT) gained 2%.

Canadian Imperial Bank of Commerce (CM) shares rose 1.9% after it posted higher fiscal Q3 adjusted earnings and revenue. The bank also said it plans to purchase for cancellation up to 20 million common shares under a normal course issuer bid.

Dominari (DOMH) said Thursday it filed a shelf registration with the US Securities and Exchange Commission to sell $2 billion of common and preferred shares from time to time. Its shares were down 2.8%.

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