Sector Update: Financial Stocks Fall in Late Afternoon

03:45 PM EDT, 09/08/2025 (MT Newswires) -- Financial stocks eased in late Monday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each declining 0.1%.

The Philadelphia Housing Index added 0.3%, and the Real Estate Select Sector SPDR Fund (XLRE) fell 1.2%.

Bitcoin (BTC-USD) rose 0.9% to $112,178, and the yield of 10-year US Treasuries shed 4 basis points to 4.05%.

In economic news, at its Sept. 17 meeting, the probability the Federal Open Market Committee will cut interest rates by 25 basis points is 90%, according to the CME FedWatch Tool. The remaining 10% likelihood is for a 50-basis-point reduction.

In corporate news, BlackRock (BLK) is set to open an office in Kuwait as the asset manager furthers its expansion in the Gulf region, Reuters reported, citing Kuwaiti state news agency KUNA. BlackRock (BLK) shares added 0.1%.

PNC Financial Services (PNC) agreed to buy FirstBank for $4.1 billion in cash and stock. PNC shares fell 0.6%.

Robinhood (HOOD) shares jumped 15% after S&P Dow Jones Indices said late Friday the company will join the S&P 500.

Ares Management (ARES) led a $1.9 billion preferred equity investment in Leaf Home, while Apollo Global Management (APO) led a $2 billion debt-financing package for the residential services company, Bloomberg reported. Ares shares fell 19%, and Apollo gained 1.7%.

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