Sector Update: Financial Stocks Lower Late Afternoon

04:04 PM EDT, 10/02/2025 (MT Newswires) -- Financial stocks were lower in late Thursday trading, with the NYSE Financial Index shedding 0.3% and the Financial Select Sector SPDR Fund (XLF) easing 0.1%.

The Philadelphia Housing Index advanced 0.1%, and the Real Estate Select Sector SPDR Fund (XLRE) fell 0.5%.

Bitcoin (BTC-USD) gained 1.9% to $120,925, and the yield for 10-year US Treasuries declined 2 basis points to 4.09%.

In economic news, US employers announced plans to cut 54,064 jobs in September, down from 85,979 in August and below year-ago levels, according to outplacement firm Challenger, Gray & Christmas.

The weekly jobless claims bulletin, originally scheduled for an 8:30 am ET release, wasn't reported as the partial shutdown of the federal government entered its second day.

In corporate news, Morgan Stanley's (MS) use of AI is having a "profound impact" on software development and changing the way coders do their jobs, Bloomberg reported, citing an interview with Mike Pizzi, the investment bank's global head of technology and operations. Morgan Stanley (MS) was down 1%.

Shares of US credit bureau companies fell after Fair Isaac (FICO) announced a new program allowing mortgage brokers and resellers to calculate and distribute credit scores directly to consumers. FICO shares jumped 18%. Shares of Equifax (EFX) fell 8.5%, and TransUnion (TRU) was down 10.6%.

JPMorgan Chase (JPM) is expected to be hired by Kuwait Petroleum to help the state-owned oil and gas company lease part of its pipeline network, Bloomberg reported. JPMorgan (JPM) shares were shedding 1%.

Citigroup (C) has signed Eric Trump as a client, setting up a trust that holds some of US President Donald Trump's money, Bloomberg reported. Citi shares were down 1.4%.

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