Sector Update: Financial Stocks Rise Late Afternoon

03:52 PM EDT, 08/28/2025 (MT Newswires) -- Financial stocks edged higher in late Thursday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each advancing 0.1%.

The Philadelphia Housing Index fell 0.2%, and the Real Estate Select Sector SPDR Fund (XLRE) dropped 0.5%.

Bitcoin (BTC-USD) added 0.9% to $112,298, and the yield for 10-year US Treasuries fell 3 basis points to 4.21%.

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

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

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

In corporate news, TransUnion (TRU) said the personal information of 4.5 million customers was compromised in a data breach on July 28, according to a filing with the office of Maine's attorney general. TransUnion (TRU) shares fell 0.3%.

Barclays (BCS) said that its Barclays Principal Investments unit agreed to sell its stake in the Entercard joint venture to partner Swedbank for 2.6 billion Swedish kronor ($274.6 million). Barclays (BCS) shares fell 0.4%.

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 surged 43%, and Hut 8 (HUT) added 1.2%.

Canadian Imperial Bank of Commerce (CM) shares rose 2.3% after the company posted higher fiscal Q3 adjusted earnings and revenue. The bank plans to purchase for cancellation up to 20 million common shares under a normal course issuer bid.

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