Sector Update: Financial

Financial stocks were advancing in Monday afternoon trading, with the NYSE Financial Index up 0.1% and the Financial Select Sector SPDR Fund (XLF) ahead 0.3%.

The Philadelphia Housing Index was falling 2.2%, and the Real Estate Select Sector SPDR Fund (XLRE) was retreating 1%.

Bitcoin (BTC/USD) was increasing nearly 3% to $63,468, and the yield for 10-year US Treasuries jumped 14 basis points to 4.48%.

In economic news, the Institute for Supply Management's US manufacturing index fell to 48.5 in June from 48.7 in May, compared with expectations for 49.1 in a survey compiled by Bloomberg. ISM said demand remained weak and output declined.

US construction spending declined 0.1% in May, compared with a 0.2% increase expected in a Bloomberg survey and an upwardly revised 0.3% increase in April.

The S&P Global US manufacturing index for June was downwardly revised to 51.6 from the flash reading of 51.7, compared with expectations for no revision in a survey compiled by Bloomberg.

In other news, the president of the US is entitled to a "presumptive" immunity from prosecution for all of his official acts and none for his unofficial acts, the Supreme Court ruled Monday in Trump v. US, in which the federal government charged the former president criminally for attempting to reverse the 2020 election results.

In corporate news, Coinbase COIN shares popped nearly 5% after it said Monday that the US Marshals Service has chosen its platform, known as Coinbase Prime, to safeguard and trade the agency's class 1 digital assets.