Sector Update: Financial Stocks Higher Monday Afternoon

MT Newswires Live
22 Jul

Financial stocks rose in Monday afternoon trading, with the NYSE Financial Index gaining 0.7% and the Financial Select Sector SPDR Fund (XLF) climbing 0.5%.

The Philadelphia Housing Index was 0.1% higher, and the Real Estate Select Sector SPDR Fund (XLRE) advanced 0.9%.

Bitcoin (BTC-USD) decreased 0.6% to $117,664, and the yield for 10-year US Treasuries fell 7.1 basis points to 4.36%.

In economic news, the Conference Board's measure of leading indicators fell by 0.3% in June, as expected in a survey compiled by Bloomberg and following a steady reading in May.

In corporate news, Wells Fargo's (WFC) direct lending partnership with Centerbridge Partners has arranged $2 billion in deals since the beginning of 2025, Bloomberg reported. Wells Fargo shares rose 0.5%.

First Community Bankshares (FCBC) has agreed to buy Hometown Bancshares for about $41.5 million in stock, the companies said Monday. First Community shares rose 1.1%.

Preferred Bank (PFBC) shares popped 5.5% after it reported higher Q2 net income and revenue.

Ellington Financial (EFC) shares added 0.8% after it said Monday that it expects a sequential increase in Q2 adjusted distributable earnings.

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