Sector Update: Financial Stocks Retreat Late Afternoon

03:54 PM EST, 12/01/2025 (MT Newswires) -- Financial stocks were lower in late Monday afternoon trading, with the NYSE Financial Index down 0.5% and the Financial Select Sector SPDR Fund (XLF) decreasing 0.6%.

The Philadelphia Housing Index declined 0.5%, while the Real Estate Select Sector SPDR Fund (XLRE) fell 1.1%.

Bitcoin (BTC-USD) was falling 6.5% to $85,512, and the yield for 10-year US Treasuries jumped 7.5 basis points to 4.09%.

In economic news, the Institute for Supply Management's US manufacturing index fell to 48.2 in November from 48.7 in October, compared with expectations for an increase to 49.0 in a survey compiled by Bloomberg.

The S&P Global US manufacturing index for November was revised upwards to 52.2 from the flash reading of 51.9, compared with expectations for no revision in a survey compiled by Bloomberg.

In corporate news, Blackstone (BX), Apollo (APO) and KKR (KKR) agreed to take a Bank of England stress test designed to assess risks in private credit, the Financial Times reported. The test will assess leveraged loans, high-yield bonds, asset-backed finance, and private equity borrowing under crisis conditions, as well as the potential impact on banks, the financial system and the broader economy, the report said. Blackstone shares were marginally higher, Apollo was shedding 0.4%, and KKR was easing 0.1%.

Goldman Sachs (GS) said it has agreed to buy Innovator Capital Management in a $2 billion deal, payable in a mix of cash and equity contingent on meeting performance targets. Goldman shares were down 1.7%.

JPMorgan Chase (JPM) plans to double its Swiss domestic private banking business by 2030 by targeting the country's wealthiest clients, Reuters reported Monday, quoting a senior executive at the company. JPMorgan (JPM) shares were decreasing 1.3%.

UBS (UBS) faces claims that it and its Credit Suisse unit failed to stop suspected money laundering tied to loans to Mozambican state-owned companies, Switzerland's federal prosecutor said. UBS shares were down 0.3%.

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