Sector Update: Financial Stocks Slide in Afternoon Trading

01:52 PM EDT, 09/02/2025 (MT Newswires) -- Financial stocks were retreating in Tuesday afternoon trading, with the NYSE Financial Index falling 1.4% and the Financial Select Sector SPDR Fund (XLF) declining 1.2%.

The Philadelphia Housing Index was down 0.9%, and the Real Estate Select Sector SPDR Fund (XLRE) was shedding 1.5%.

Bitcoin (BTC-USD) was increasing 1.3% to $110,721, and the yield for 10-year US Treasuries rose 6 basis points to 4.29%.

In economic news, the Institute for Supply Management's US manufacturing index rose to 48.7 in August from 48 in July, versus expectations for 49 in a survey compiled by Bloomberg.

US construction spending fell 0.1% in July, as expected in a Bloomberg survey and following a 0.4% decrease in June.

The S&P Global US manufacturing index was revised downwards to 53 for August from a flash reading of 53.3, compared with expectations for no revision in a survey compiled by Bloomberg.

In corporate news, Air Lease (AL) agreed to be acquired by a newly formed entity backed by an investor group including Sumitomo and Apollo (APO) in a deal that values the aircraft lessor at about $7.4 billion in cash, or $28.2 billion including debt. Apollo was shedding 1.2%, and Air Lease (AL) rose past 6%.

Blackstone (BX) plans a debt sale of as much as 500 million British pounds ($668.5 million) tied to UK warehouses, Bloomberg reported. Blackstone shares declined 1.2%.

Goldman Sachs' (GS) co-chair of global M&A, Tim Ingrassia, sees scope for dealmaking to reach record volumes in 2026 if market momentum continues to improve and frees up a backlog of transactions, Bloomberg reported, citing a speech by Ingrassia at an industry conference. Goldman shares were down 2.3%.

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