Sector Update: Financial Stocks Slide Late Afternoon

04:00 PM EDT, 10/29/2025 (MT Newswires) -- Financial stocks were decreasing in late Wednesday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each shedding 1.7%.

The Philadelphia Housing Index dropped 2.6%, and the Real Estate Select Sector SPDR Fund (XLRE) fell 2.8%.

Bitcoin (BTC-USD) was declining 2.7% to $110,673, and the yield for 10-year US Treasuries rose 8.3 basis points to 4.07%.

In economic news, the Federal Reserve lowered its benchmark lending rate by 25 basis points Wednesday and reiterated concerns regarding the labor market. The central bank's Federal Open Market Committee lowered interest rates to a range of 3.75% to 4%. After rate reductions at the last two Federal Open Market Committee meetings, a further reduction at the next meeting in December is not guaranteed due to double-sided risks and divergent opinions on the path of monetary policy, Federal Reserve Chairman Jerome Powell said Wednesday in a press conference after the FOMC meeting.

In corporate news, Burford Capital (BUR) shares fell 9% after US appellate judges reportedly questioned whether a $16.1 billion case against Argentina over its 2012 seizure of YPF belongs in US courts. Burford funded much of the litigation and stands to gain billions if the award is upheld, according to the report.

Fiserv (FI) shares tumbled 43% after it reported lower-than-expected Q3 adjusted earnings and revenue. It also cut its 2025 adjusted EPS guidance.

Morgan Stanley (MS) said it has agreed to buy EquityZen, a trading platform for shares in private companies. Morgan Stanley (MS) shares were down 0.9%.

HSBC (HSBC) is expanding its innovation banking business to Singapore, allocating $1.5 billion for startup lending as part of a global push, Reuters reported. HSBC (HSBC) shares added 0.6%.

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