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Sector Update: Financial Stocks Decline Monday Afternoon

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Financial stocks were lower in Monday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each decreasing 0.4%.

The Philadelphia Housing Index was shedding 0.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.8%.

Bitcoin (BTC-USD) was increasing 2.3% to $64,263, and the yield for 10-year US Treasuries was rising 1.8 basis points to 4.714%.

In economic news, the National Association of Home Builders' monthly housing market index rose to 35 in August from 34 in July, compared with expectations for a decline to 33 in a Bloomberg-compiled poll.

The New York Federal Reserve's Empire State manufacturing index rose to 20.6 in August from 15.6 in July, compared with an expected decrease to 10.0 in a Bloomberg-compiled survey. The Empire State index is the first manufacturing sector reading for August and suggests expansion is picking up pace.

In sector news, Jane Street posted $15 billion in losses last month as AI-focused hedge fund Situational Awareness swooned and dragged down asset prices across equity markets, Bloomberg reported. Jane Street, which invests in Situational Awareness and directly in AI ventures, suffered a rare and severe down month in July amid volatile markets. Wrong-way bets on options tied to Chinese markets also contributed to the losses, the report said.

In corporate news, Ares Management (ARES) is set to take control of UK broadband provider Toob and inject fresh equity into the struggling company backed by the UK's National Wealth Fund, Bloomberg reported. Ares shares were down 1.9%.

Intel (INTC) and Goldman Sachs (GS) are among the investors in AI video generation platform Higgsfield's recent $400 million funding round, pushing its valuation to $5.40 billion, the Financial Times reported. Goldman shares added 0.8%.

Equinor (EQNR) agreed to acquire 88% of Lackawanna Energy Center's Class A shares for $940 million from funds managed by BlackRock's (BLK) Global Infrastructure Partners. BlackRock shares were shedding 1.5%.

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