Sector Update: Financial
Financial stocks were lower in late Wednesday afternoon trading, with the NYSE Financial Index falling 1.8% and the State Street Financial Select Sector SPDR ETF (XLF) dropping 2.3%The Philadelphia Housing Index shed 2.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1%.Bitcoin (BTC-USD) decreased 0.4% to $75,280, and the yield for 10-year US Treasuries rose 1 basis point to 5.01%.In economic news, the Federal Open Market Committee raised the target range for its federal funds rate to 3.75% to 4.00% Wednesday on a 12-0 vote, while projections suggest another rate hike is possible this year. "Inflation remains elevated," the FOMC said in its statement. "Today's policy action will support a timelier return to the Committee's 2% goal. The Committee will deliver price stability." Median expectations in the Summary of Economic Projections now show a further rate hike this year, as the median expectation was adjusted up to 4.1% from 3.8% in the previous update in June, reflecting both Wednesday's action and expectations for a further increase.In corporate news, CoinShares (CSHR) said Wednesday that its shareholders approved all resolutions put to them at Tuesday's extraordinary general meeting, including authority to buy back up to 25% of its outstanding ordinary shares and adoption of the 2026 equity incentive plan. CoinShares shares rose 1.3%.