Sector Update: Financial Stocks Advance Late Afternoon
Financial stocks rose in late Friday afternoon trading, with the NYSE Financial Index adding 0.8% and the State Street Financial Select Sector SPDR ETF (XLF) increasing 0.7%.The Philadelphia Housing Index gained 1.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 2.3%.Bitcoin (BTC-USD) was declining 1.5% to $64,087, and the yield for 10-year US Treasuries shed 2.4 basis points to 4.679%.In economic news, the July flash reading of manufacturing conditions from S&P Global slipped to 53.8 from 53.9 in June, compared with the 54.4 print expected in a survey compiled by Bloomberg.New-home sales rose to a 628,000 annual rate in June from an upwardly revised 618,000 rate in May, compared with the 607,000 rate expected in a survey compiled by Bloomberg. Home sales were still down 5.6% from a year ago.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 surged past 11%.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 1.7%.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 4.6%.Tompkins Financial (TMP) shares jumped past 8% after it reported better-than-expected Q2 results.Safety Insurance (SAFT) shares soared 42%. The company said late Thursday it entered an agreement to be acquired by an affiliate of Mapfre in a $1.54 billion all-cash deal.
