Sector Update: Financial Stocks Mixed Late Afternoon

Health care stocks fell late Monday afternoon with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) both decreasing 0.4%.

The iShares Biotechnology ETF (IBB) eased 0.2%.

In corporate news, Amgen is expected to report a slight Q2 beat as key product script trends remain solid, UBS said. UBS raised its price target on the stock to $326 from $315 and kept its neutral rating. Amgen shares rose 0.4%.

Tech stocks gained late Monday afternoon with the Technology Select Sector SPDR Fund (XLK) climbed 0.3% and the SPDR S&P Semiconductor ETF (XSD) rising 1.1%.

The Philadelphia Semiconductor index increased 0.5%.

In corporate news, Microsoft-backed OpenAI and the UK government signed a new partnership aimed at expanding AI security research, exploring investments in UK-based infrastructure and improving the efficiency of taxpayer-funded services using AI. Microsoft shares were little changed.

Financial stocks were mixed in late Monday afternoon trading with the NYSE Financial Index adding 0.2% and the Financial Select Sector SPDR Fund (XLF) easing 0.1%.

The Philadelphia Housing Index fell 0.4%, and the Real Estate Select Sector SPDR Fund (XLRE) advanced 0.5%.

Bitcoin (BTC/USD) increased 0.2% to $117,520, and the yield for 10-year US Treasuries fell 6 basis points to 4.37%.

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, HSBC restarted the search for its next chairman after struggling to find enough suitable candidates from a pool of over 100 names, the Financial Times reported. HSBC shares rose 1.5%.

US equity indexes advanced in a broad-based rally, with two of the three mainstream indexes hitting new highs amid declines in government bond yields, the dollar, and crude oil in midday trading on Monday.

The Nasdaq Composite was up 0.6% to 21,033.1 after touching a new all-time high of 21,077.37 earlier in the session. The S&P 500 climbed 0.6% to 6,331.4, earlier hitting a new intraday record high of 6,336.08. The Dow Jones Industrial Average rose 0.5% to 44,572.9, trading close to its peak of 45,073.63.

All sectors except energy and healthcare moved higher intraday, with materials and communication services among the top gainers.

In earnings news, Verizon Communications lifted the lower end of its full-year earnings growth outlook, as the telecommunications giant reported better-than-expected Q2 results. Shares jumped 5.3% intraday, the top performer on the S&P 500 and the Dow.

Based on 11% of companies having reported results so far, S&P 500 earnings have risen 6.1% year-over-year, ahead of the FactSet consensus as of June 30 for 4.8% growth, according to a D A Davidson note. Q2 sales are up 6.6%, above the June 30 consensus of 4.2%. FactSet's Q2 earnings estimate, which combines reported results with the remaining consensus, currently implies a 5.4% advance.

Over the weekend, US Commerce Secretary Howard Lutnick said he anticipated an agreement on trade tariffs with the European Union before the hard Aug. 1 deadline, according to a note from FXStreet.

Meanwhile, in economic news Monday, 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.

"The Conference Board does not forecast a recession, although economic growth is expected to slow substantially in 2025 compared to 2024," said Justyna Zabinska-LaMonica, senior manager, Business Cycle Indicators, at the Conference Board. "Real GDP is projected to grow by 1.6% this year, with the impact of tariffs becoming more apparent in H2 as consumer spending slows due to higher prices."

Most US Treasury yields declined, with the 10-year yield down 7.5 basis points to 4.36% and the two-year 2.9 basis points lower at 3.85%.

West Texas Intermediate crude oil futures declined 0.6% to $66.94 a barrel.

The ICE US Dollar Index fell 0.7% to 97.77, while gold futures jumped 1.6% to $3,411.01 per ounce.

Further in company news, Biogen said it plans to invest an additional $2 billion in its manufacturing facilities at North Carolina's Research Triangle Park, building on nearly $10 billion that the company has already invested. Its shares retreated 2.6% intraday, the biggest decliner on the Nasdaq.

Verizon Communications Inc. (VZ) is currently at $42.86, up $2.01 or 4.93%

• Would be highest close since July 8, 2025, when it closed at $43.06
• On pace for largest percent increase since Jan. 23, 2024, when it rose 6.7%
• Snaps a eight day losing streak
• Down 0.96% month-to-date
• Up 7.16% year-to-date
• Down 31.21% from its all-time closing high of $62.29 on Oct. 4, 1999
• Up 9.63% from 52 weeks ago (July 22, 2024), when it closed at $39.09
• Down 7.82% from its 52-week closing high of $46.49 on March 10, 2025
• Up 13.34% from its 52-week closing low of $37.81 on Jan. 10, 2025
• Traded as high as $43.00; highest intraday level since July 9, 2025, when it hit $43.06
• Up 5.29% at today's intraday high; largest intraday percent increase since Jan. 23, 2024, when it rose as much as 6.74%
• Best performer in the DJIA today
• Best performer in the S&P 500 today
• Seventh most active stock in the S&P 500 today
• Contributed 12.36 points to the DJIA so far today

All data as of 12:50:58 PM ET

Source: Dow Jones Market Data, FactSet