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Sector Update: Financial Stocks Softer in Afternoon Trading

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Financial stocks were lower in Thursday afternoon trading, with the NYSE Financial Index decreasing 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.4%.

The Philadelphia Housing Index was falling 2.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.9%.

Bitcoin (BTC-USD) was down 0.2% to $64,580, and the yield for 10-year US Treasuries was rising 5.7 basis points to 4.67%.

In economic news, small businesses reported that the level of worker shortages was higher in July, with a seasonally adjusted 36% of respondents in a National Federation of Independent Business survey released Thursday saying they were having trouble hiring the workers that they needed, up from 32% in the previous month and the highest since June 2025. The NFIB's Small Business Employment Index rose to 102.1 in July from 100.2 in June, still above the historical average of 100.0 and the 2025 average of 101.2.

In corporate news, Apollo Global Management's (APO) Eagle Bidco and EasyJet have reached an agreement under which the Apollo fund will buy the airline for 7.15 British pounds ($9.63) per share in cash, according to a regulatory filing with the London Stock Exchange. Apollo shares were shedding 1.7%.

Deutsche Bank (DB) and KBC have frozen some of Radiant World's bank accounts in Singapore, as pressure mounts on the commodities trader, Bloomberg reported. Some of the largest commodity trading firms have stopped dealing with Radiant World due to concerns it gave banks falsified documents about iron ore trades, Bloomberg reported last week. Deutsche shares were down 0.8%.

JPMorgan Chase (JPM) underwent a federal probe this year as prosecutors looked into claims the lender ignored deficiencies in its anti-fraud program and improperly denied more than $100 million in reimbursements for stolen money, The Wall Street Journal reported. JPMorgan shares declined 0.9%.

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