Financial stocks were advancing in Monday afternoon trading, with the NYSE Financial Index up 0.7% and the Financial Select Sector SPDR Fund (XLF) ahead 0.6%.

The Philadelphia Housing Index was climbing 1.2%, and the Real Estate Select Sector SPDR Fund (XLRE) was adding 0.6%.

Bitcoin (BTC-USD) was increasing 4.6% to $65,635, and the yield for 10-year US Treasuries was rising 3 basis points to 4.10%.

In corporate news, B. Riley Financial (RILY) shares surged 29% after the company said it has signed an agreement with funds managed by Oaktree Capital Management to create a holding company called Great American Holdings.

Upstart's (UPST) shares jumped past 16%. The company's improving credit metrics, lower interest rates and more new lending may underpin H2 adjusted earnings before interest, taxes, depreciation, and amortization, Wedbush Securities said Monday in a report. Wedbush upgraded Upstart to neutral from underperform and raised its price target to $45 from $10.

HSBC (HSBC) started a review of expenses and operational controls at its China digital wealth business Pinnacle a few months ago, Reuters reported. HSBC shares were up 0.2% recently.