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Sector Update: Financial Stocks Retreat Tuesday Afternoon

BY MT Newswires | TREASURY | 01:43 PM EST

01:43 PM EST, 02/03/2026 (MT Newswires) -- Financial stocks were decreasing in Tuesday afternoon trading, with the NYSE Financial Index shedding 0.9% and the State Street Financial Select Sector SPDR ETF (XLF) dropping 1.3%.

The Philadelphia Housing Index was climbing 1.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.9%.

Bitcoin (BTC-USD) was dropping nearly 6% to $74,031, and the yield for 10-year US Treasuries was rising 1.7 basis points to 4.29%.

In economic news, consumer confidence for February rose from January, with the RealClearMarkets' monthly index climbing to 48.8 from 47.2 amid improvements in all components.

In corporate news, PayPal (PYPL) shares sank past 20% after it reported Q4 non-GAAP earnings and net revenue below market consensus.

Banco Santander (SAN) has agreed to buy Webster Financial (WBS) for a total consideration of $75 per Webster share. Santander shares fell 4%, and Webster shares were halted.

Bank of America (BAC) entered the investment-grade bond market with a multi-tranche dollar offering, joining other Wall Street banks, Bloomberg reported. Its shares were fractionally higher.

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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