Sector Update: Financial Stocks Retreat Late Afternoon

03:59 PM EDT, 09/03/2025 (MT Newswires) -- Financial stocks were lower in late Wednesday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each shedding about 0.4%.

The Philadelphia Housing Index rose 0.3%, while the Real Estate Select Sector SPDR Fund (XLRE) declined 0.3%.

Bitcoin (BTC-USD) added 0.7% to $111,955, and the yield on 10-year US Treasuries dropped nearly 7 basis points to 4.21%.

In economic news, mortgage applications in the US fell for a third consecutive week even as the 30-year fixed rate on conforming loans reached its lowest level since April, the Mortgage Bankers Association said Wednesday.

US job openings fell to 7.181 million in July, according to the Bureau of Labor Statistics, lower than the 7.382 million openings expected in a survey compiled by Bloomberg and down from the 7.357 million openings reported in June.

New orders for US factory goods fell by 1.3% in July, as expected in a survey compiled by Bloomberg and following a 4.8% decrease in June.

In corporate news, Goldman Sachs' (GS) asset management arm, KKR (KKR), PSP Investments and Arcmont Asset Management are part of a lending group providing 1.4 billion euros ($1.6 billion) in payment-in-kind debt to finance CapVest Partners' acquisition of German pharmaceutical company Stada, Bloomberg reported. Goldman eased 0.4%, and KKR fell 3.2%.

BlackRock (BLK) has been cut off from Dutch pension fund PFZW over issues of sustainability, Reuters reported, citing the pension fund. BlackRock shares fell 1.7%.

US Bancorp (USB) subsidiary US Bank said it has resumed its cryptocurrency custody services as an early access program for its Global Fund Services clients. US Bancorp (USB) eased 0.3%.

SoFi Technologies (SOFI) said it has launched a new exchange-traded fund called SoFi Agentic AI ETF, which is listed on NYSE Arca under the symbol AGIQ and can be bought via SoFi Invest and other brokerage platforms. SoFi shares were down 1.7%.

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