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Sector Update: Financial

BY MT Newswires | TREASURY | 09/02/25 03:17 PM EDT

03:17 PM EDT, 09/02/2025 (MT Newswires) -- Financial stocks were retreating in late Tuesday afternoon trading, with the NYSE Financial Index falling 1.2% and the Financial Select Sector SPDR Fund (XLF) declining 1.1%.

The Philadelphia Housing Index was down 0.9%, and the Real Estate Select Sector SPDR Fund (XLRE) was shedding 2%.

Bitcoin (BTC-USD) was increasing 1.4% to $110,809, and the yield for 10-year US Treasuries rose 5 basis points to 4.28%.

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, Goldman Sachs (GS) has entered into a strategic collaboration with wealth management firm Elevation Point to offer access to banking and lending, trading, asset management and capital markets capabilities, Elevation said Tuesday. Goldman shares were falling 2.6%.

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

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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