Sector Update: Financial Stocks Advance Late Afternoon

03:55 PM EDT, 10/21/2026 (MT Newswires) -- Financial stocks were higher in late Wednesday afternoon trading, with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) up 0.3%. The Philadelphia Housing Index was decreasing 0.7%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.8%. Bitcoin (BTC-USD) was increasing 1.9% to $84,491, and the yield for 10-year US Treasuries rose 1 basis point to 5.127%. In economic news, mortgage applications in the US declined last week, despite interest rates dropping for the first time in two months, the Mortgage Bankers Association said Wednesday. The market composite index, which measures loan application volume, fell 5.3% on a seasonally adjusted basis from one week earlier in the week ended Oct. 16. On an unadjusted basis, the index was down 5%. In corporate news, Pinnacle Financial Partners (PNFP) shares rose 3.3%. The company reported Q3 adjusted earnings late Wednesday of $2.69 per diluted share, up from $2.27 a year earlier. Analysts polled by FactSet expected $2.62. SmartFinancial (SMBK) shares fell 3% after Raymond James downgraded the stock to outperform from strong buy and adjusted its price target to $56 per share from $58. Blackstone (BX) and a unit of Apollo Global Management (APO) are in preliminary talks with the National Football League to join the list of approved private equity firms that can acquire minority stakes in teams, Bloomberg reported. Blackstone shares were down 0.6%, and Apollo rose 0.2%. UBS (UBS) junior investment bankers are getting a smaller pay increase with their promotions amid the company's new compensation structures, Bloomberg reported. UBS shares were up 1.4%.