Sector Update: Financial Stocks Decline Late Afternoon

03:59 PM EDT, 10/22/2025 (MT Newswires) -- Financial stocks were lower in late Wednesday afternoon trading, with the NYSE Financial Index down 0.1% and the Financial Select Sector SPDR Fund (XLF) shedding 0.6%.

The Philadelphia Housing Index was falling 1.6%, and the Real Estate Select Sector SPDR Fund (XLRE) was adding 0.3%.

Bitcoin (BTC-USD) was easing 3.5% to $107,933, and the yield for 10-year US Treasuries shed 1 basis point to 3.95%.

In economic news, mortgage applications in the US decreased for a fourth consecutive week, though refinance activity picked up as rates dropped, data from the Mortgage Bankers Association showed Wednesday. The market composite index, which measures loan application volume, fell 0.3% on a seasonally adjusted basis for the week ended Friday. On an unadjusted basis, the index inched down 0.2%.

In sector news, the Federal Reserve has shared a revised plan with other US regulators that would meaningfully reduce the amount of additional capital big banks must hold from a level proposed under the Biden administration, Bloomberg reported.

In corporate news, Farmers National Banc (FMNB) and Middlefield Banc (MBCN) said Wednesday they have agreed to merge in an all-stock deal valued at about $299 million. Farmers National shares were down 4.4%, and Middlefield jumped 17%.

BlackRock (BLK) is one of the biggest backers of a $27 billion private-debt deal to build a data center called Hyperion for Meta Platforms (META) in Louisiana, The Wall Street Journal reported. BlackRock (BLK) shares were down 0.1%.

Apollo Global Management (APO) is working with UBS (UBS) on the process for a potential sale of Heritage Grocers Group, Reuters reported. Apollo is considering the sale of the Hispanic grocery chain as immigration raid fears lower consumer demand in Latino communities in the US, the report said. Apollo shares were 0.4% higher, and UBS was up 1.3%.

Barclays (BCS) shares climbed 4.6% after it posted higher Q3 total income that beat analyst expectations and announced a share buyback plan.

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