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Sector Update: Financial Stocks Retreat Late Afternoon

BY MT Newswires | TREASURY | 10/10/25 03:55 PM EDT

03:55 PM EDT, 10/10/2025 (MT Newswires) -- Financial stocks fell in late Friday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each dropping 1.7%.

The Philadelphia Housing Index shed 0.7%, and the Real Estate Select Sector SPDR Fund (XLRE) declined 0.81%.

Bitcoin (BTC-USD) slumped 3.8% to $117,121, and the yield for 10-year US Treasuries tumbled 9.7 basis points to 4.05%.

In economic news, President Donald Trump warned of a "massive" increase in tariffs on China. "One of the policies that we are calculating at this moment is a massive increase of tariffs on Chinese products" into the US, Trump said in a Truth Social post Friday.

The University of Michigan's preliminary consumer sentiment index eased to 55 in October from 55.1 in September, compared with expectations for 54 in a survey compiled by Bloomberg.

The partial shutdown of the US federal government entered its 10th day as funding bills from Democrats and Republicans reportedly failed in the Senate for the seventh time. No further votes are expected until Tuesday, CBS News reported.

In corporate news, Comerica (CMA) shares fell 5% after Keefe Bruyette & Woods downgraded the stock to market perform from outperform, while raising its price target to $93 from $73.

Carlyle (CG) agreed to buy German chemical producer BASF's coatings business in partnership with Qatar Investment Authority for 7.7 billion euros ($8.91 billion). Carlyle shares dropped 4.9%.

Goldman Sachs (GS) and Bank of America (BAC) are among the lenders preparing more than 4 billion euros ($4.63 billion) in debt to finance Carlyle's purchase of a stake in BASF's coatings business, Bloomberg reported. Goldman shares fell 1.7%, and Bank of America (BAC) shed 2.2%.

American International (AIG), Allianz, and Coface are among insurers preparing to face potential claims relating to the bankruptcy of First Brands Group, the Financial Times reported. AIG shares dropped 2.3%.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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