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Sector Update: Financial Stocks Advance Friday Afternoon

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Financial stocks rose in Friday afternoon trading, with the NYSE Financial Index adding 1.1% and the State Street Financial Select Sector SPDR ETF (XLF) increasing 0.6%.

The Philadelphia Housing Index gained 1.9%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 2.1%.

Bitcoin (BTC-USD) was declining 1.9% to $63,849, and the yield for 10-year US Treasuries was falling 4 basis points to 4.663%.

In economic news, new-home sales in the US increased last month for the first time since March as house prices continued to fall, though inventory remained elevated at more than a nine-month supply. Sales of new single-family homes increased 1.6% sequentially in June to a seasonally adjusted annual rate of 628,000, the Census Bureau and the Department of Housing and Urban Development said Friday. Analysts polled by Bloomberg expected a 607,000 print.

In corporate news, Digital Realty Trust (DLR) reported Q2 core funds from operations and operating revenue above market expectations late Thursday, and the company also raised its 2026 core FFO and revenue guidance. Shares jumped past 13%.

BlackRock (BLK) started marketing $12.3 billion in high-grade bonds to finance a Meta Platforms (META) data center project, Bloomberg reported. BlackRock shares rose 1.2%.

American Express' (AXP) Q2 earnings topped Wall Street's estimates, but revenue missed expectations, while the company now expects full-year revenue to grow at the high end of its previous guidance range. Its shares fell 5.1%.

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