Sector Update: Financial Stocks Decline Late Afternoon

03:46 PM EDT, 10/09/2025 (MT Newswires) -- Financial stocks fell in late Thursday afternoon trading, with the NYSE Financial Index shedding 0.9% and the Financial Select Sector SPDR Fund (XLF) dropping 0.5%.

The Philadelphia Housing Index declined 2.3%, and the Real Estate Select Sector SPDR Fund (XLRE) lost 0.4%.

Bitcoin (BTC-USD) fell 2.2% to $120,975, and the yield for 10-year US Treasuries rose 1.1 basis points to 4.14%.

In economic news, the government shutdown entered its ninth day, delaying the weekly jobless claims report that was due on Thursday. The Senate failed to advance two funding bills on Thursday, one from Democrats and another from Republicans, CNN reported.

In corporate news, JPMorgan Chase (JPM) is accelerating its expansion into India's payments sector to capitalize on the country's growing cross-border trade, Bloomberg reported. JPMorgan (JPM) shares increased 0.6%.

Citigroup (C) declined an acquisition offer from Grupo Mexico to buy its Grupo Financiero Banamex business. Citi shares were shedding 0.9%.

HSBC (HSBC) said the company and its subsidiary, The Hong Kong and Shanghai Banking, have proposed to take over and privatize Hang Seng Bank in a deal valuing the company at 290 billion Hong Kong dollars ($37.27 billion). HSBC (HSBC) shares were falling nearly 6%.

Affirm (AFRM) shares rose 2.6% after the company said it and Alphabet's (GOOG) Google extended their partnership on Google's Agent Payments Protocol, an open, payment-agnostic protocol designed to back agent-led payments across platforms.

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