Sector Update: Financial Stocks Rise Late Afternoon

03:51 PM EDT, 08/29/2025 (MT Newswires) -- Financial stocks edged higher in late Friday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each rising 0.1%.

The Philadelphia Housing Index fell 0.3%, and the Real Estate Select Sector SPDR Fund (XLRE) added 0.4%.

Bitcoin (BTC-USD) declined 3.7% to $108,424, and the yield for 10-year US Treasuries rose 2 basis points to 4.23%.

In economic news, US consumer spending rose in July at the fastest pace since March, while the Federal Reserve's preferred inflation metric increased annually to the highest in five months, government data showed.

The University of Michigan consumer sentiment index was revised lower to 58.2 for August from the preliminary estimate of 58.6, versus expectations for no revision in a survey compiled by Bloomberg.

In corporate news, Robinhood (HOOD) is facing revival of an investor lawsuit over alleged omissions in its July 2021 IPO registration statement. Robinhood shares rose 0.3%.

PayPal (PYPL) is working with local banks to fix any remaining issues after a major outage disrupted payments in Germany, Reuters reported, citing a company spokesperson. PayPal (PYPL) shares were little changed.

Accelerant (ARX) shares fell 8% after RBC Capital Markets cut its price target on the stock to $29 from $33 following Q2 results.

UK bank shares fell after the Institute for Public Policy Research said the UK Treasury should introduce a windfall tax on bank profits to recoup taxpayer losses from the Bank of England's quantitative easing program. Shares of Barclays (BCS) dropped 1.9%, NatWest (NWG) slumped 4.5%, Lloyds (LYG) lost 3.2%, and HSBC (HSBC) declined 0.6%.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.