Sector Update: Financial Stocks Decline in Afternoon Trading

01:51 PM EST, 11/20/2025 (MT Newswires) -- Financial stocks were lower in Thursday afternoon trading, with the NYSE Financial Index decreasing 0.3% and the Financial Select Sector SPDR Fund (XLF) easing 0.2%.

The Philadelphia Housing Index gained 0.8%, and the Real Estate Select Sector SPDR Fund (XLRE) rose 0.5%.

Bitcoin (BTC-USD) was falling 4.4% to $87,399, and the yield for 10-year US Treasuries was decreasing 2.7 basis points to 4.11%.

In economic news, September nonfarm payrolls rose by 119,000, above the 51,000 jobs increase expected in a survey compiled by Bloomberg, while August payrolls saw a downward revision to a 4,000 decrease, and July payrolls were revised down to a 72,000 increase, for a net downward revision of 33,000 jobs, according to a Bureau of Labor Statistics report Thursday.

The unemployment rate rose to 4.4% in September from 4.3% in August, versus a forecast of 4.3%.

Existing home sales in the US rose more than expected last month amid lower mortgage rates, data from the National Association of Realtors showed Thursday. Sales grew 1.2% sequentially to a seasonally adjusted annual rate of 4.10 million units in October. The consensus was for a 0.5% gain in a survey compiled by Bloomberg.

In corporate news, HSBC (HSBC) is revamping its trading division as part of an effort to make the bank a leader in debt financing, Bloomberg reported. The changes include combining the firm's Group-of-10 rates trading unit with its forex, emerging markets rates, and commodities desks to form a new global macro division, the report said. HSBC (HSBC) shares declined 1.7%.

Goldman Sachs (GS) has secured exclusive rights to negotiate the purchase of Burger King's Japan business from Affinity Equity Partners, Nikkei Asia reported. The deal is expected to be worth roughly 70 billion yen ($444.5 million) and would give Goldman control of BK Japan, which runs about 310 Burger King locations in the country, the report said. Goldman shares were down 1%.

MarketAxess (MKTX) , which operates an electronic trading platform for corporate bonds and other fixed-income securities, is facing a potentially benign credit outlook that may weigh on secondary volumes into 2026, Morgan Stanley said Thursday in a report. Morgan Stanley downgraded MarketAxess (MKTX) to equal weight from overweight and lowered its price target to $209 from $247. MarketAxess (MKTX) shares fell 2.3%.

FinVolution (FINV) shares tumbled 12% after it reported a decline in Q3 adjusted earnings and cut its 2025 revenue outlook.

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