Sector Update: Financial Stocks Higher Late Afternoon

03:55 PM EDT, 10/03/2025 (MT Newswires) -- Financial stocks advanced in late Friday trading, with the NYSE Financial Index up 0.9% and the Financial Select Sector SPDR Fund (XLF) adding 0.8%.

The Philadelphia Housing Index rose 0.9%, and the Real Estate Select Sector SPDR Fund (XLRE) increased 0.6%.

Bitcoin (BTC-USD) gained 1.7% to $122,686, and the yield for 10-year US Treasuries increased 3 basis points to nearly 4.12%.

In economic news, the Institute for Supply Management's US services index fell to 50.0 in September from 52.0 in August, compared with expectations for 51.7 in a Bloomberg survey.

The S&P Global US services index was revised upward to 54.2 in September from the 53.9 flash reading, compared with expectations for no revision in a survey compiled by Bloomberg.

The government's partial shutdown continued for a third day, resulting in, among other things, a suspension of the release of the non-farm payrolls data.

In corporate news, Toronto-Dominion Bank's (MLWIQXX) focus on cost reductions and capital return should drive a higher valuation, RBC said in a note. RBC upgraded the stock to outperform from sector perform. TD shares gained 2%.

White Mountains Insurance (WTM) shares jumped past 10% after the company agreed to sell a controlling stake in Bamboo to funds advised by CVC Capital Partners in a deal that values the insurance distribution platform at $1.75 billion.

BlackRock (BLK)-owned (BLK) Global Infrastructure Partners is in late-stage talks to buy Aligned Data Centers in a deal that could value the company at about $40 billion, Bloomberg reported. BlackRock (BLK) shares were up 0.1%.

UBS-managed (UBS) funds face more than $500 million of exposure to auto parts supplier First Brands, which recently filed for Chapter 11 bankruptcy protection, Bloomberg reported Thursday. UBS shares were up 2.0%.

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