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Sector Update: Financial Stocks Advance Late Afternoon

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Financial stocks were higher in late Monday afternoon trading, with the NYSE Financial Index up 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.7%.

The Philadelphia Housing Index was climbing 2.7%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was increasing 0.2%.

Bitcoin (BTC-USD) was adding 0.6% to $63,888, and the yield for 10-year US Treasuries fell 5.9 basis points to 4.686%.

In economic news, the Institute for Supply Management's US manufacturing index rose to 55.6 in July from 53.3 in June, compared with expectations for 53.9 in a Bloomberg-compiled survey. This is the highest reading since May 2022, ISM said.

The S&P Global US manufacturing index for July was revised upward to 53.9 from the flash reading of 53.8, compared with expectations for no revision in a survey compiled by Bloomberg.

In corporate news, Apollo Global Management-backed (APO) Athora's German unit is close to being sold to Frankfurter Leben, a life insurance consolidator controlled by China's Fosun International, Bloomberg reported. Separately, Apollo said Monday that Austin will be the location of a new hub focusing on innovation, emerging technology and the next phase of its growth. Apollo shares gained 3.5%.

Visa (V) said Monday it has agreed to acquire fraud intelligence company BioCatch for $2.4 billion in cash. Visa shares were fractionally lower.

JPMorgan Chase (JPM) said Monday it plans to spend $750 billion through 2035 to increase the housing supply and support home ownership in the US. JPMorgan shares were down 0.1%.

UBS' (UBS) UBS Financial Services unit was assessed a $125 million civil money penalty for alleged violations of the Bank Secrecy Act, the US Treasury Department's Financial Crimes Enforcement Network said Monday. UBS shares eased 0.1%.

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