Sector Update: Financial Stocks Fall Late Afternoon

Financial stocks were lower in late Wednesday afternoon trading, with the NYSE Financial Index falling 1.7% and the State Street Financial Select Sector SPDR ETF (XLF) dropping 1.8%. The Philadelphia Housing Index fell 3.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 1.5%. Bitcoin (BTC-USD) was declining 1.9% to $62,133, and the yield for 10-year US Treasuries rose 4 basis points to 4.569%. In economic news, US Federal Reserve officials held diverging views last month on the appropriate path of interest rates, minutes from the central bank's June policy meeting showed Wednesday. The Federal Open Market Committee unanimously decided to maintain its policy rate between 3.50% and 3.75% for the fourth consecutive time at the June 16-17 meeting. At the time, it removed the so-called easing bias from its policy statement. Separately, the International Monetary Fund lowered global economic growth expectations for 2026 as the impact of the Middle East war will likely counter a boost from rising AI adoption. In corporate news, Block (XYZ) will pay $45 million as part of a multistate settlement to resolve allegations that its Cash App failed to protect.