Sector Update: Financial Stocks Decline Late Afternoon

03:58 PM EST, 02/23/2026 (MT Newswires) -- Financial stocks were decreasing in late Monday afternoon trading, with the NYSE Financial Index falling 2.5% and the State Street Financial Select Sector SPDR ETF (XLF) dropping 3.3%.

The Philadelphia Housing Index was shedding 0.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.2%.

Bitcoin (BTC-USD) was falling 5% to $64,247, and the yield for 10-year US Treasuries was dropping 5.7 basis points to 4.03%.

In economic news, President Donald Trump said Saturday the US will raise tariffs on countries to 15% from the 10% rate he had set out on Friday. That followed a Supreme Court ruling that invalidated the reciprocal levies invoked under the International Emergency Economic Powers Act.

In corporate news, Citigroup (C) is close to reaching agreements to sell an additional 24% of its Mexican retail unit, Banamex, to over a dozen investors and family offices following last year's 25% sale to billionaire Fernando Chico Pardo, Bloomberg reported. Citi shares were down 4.2%.

KKR (KKR) shares were falling 9.2% after BNP Paribas cuts its price target to $146 from $150. Separately, KKR has struck a deal to buy a majority stake in XCL Education in a transaction that values the Southeast Asian school operator at roughly $1.3 billion, Bloomberg reported.

Veris Residential (VRE) agreed to be acquired by an Affinius Capital-led consortium in an all-cash deal with an implied enterprise value of $3.4 billion. Veris shares climbed past 12%.

Gemini Space Station (GEMI) shares were up 0.6%. The company has laid off additional US personnel even after letting go of a quarter of its workforce as troubles mount in the cryptocurrency space, Bloomberg reported Sunday.

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