01:40 PM EDT, 07/07/2025 (MT Newswires) -- Financial stocks were decreasing in afternoon trading, with the NYSE Financial Index shedding 1.1% and the Financial Select Sector SPDR Fund (XLF) off 1%.

The Philadelphia Housing Index was falling 1.4%, and the Real Estate Select Sector SPDR Fund (XLRE) was retreating 1.1%.

Bitcoin (BTC-USD) was down 0.7% at $108,191, and the yield for 10-year US Treasuries was rising 4.9 basis points to 4.39%.

The Trump administration signaled that country-specific tariffs will take effect Aug. 1, weeks after the initial rate pause is set to end. Treasury Secretary Scott Bessent told reporters over the weekend that country-specific tariffs will "boomerang" to their April 2 rates on Aug. 1 for countries that fail to reach new trade agreements with the US.

In corporate news, Progressive's (PGR) previous investment thesis of unencumbered growth and margin expansion is nearing its end, amid rising competition and valuation pressures, Morgan Stanley said in a report Monday. Morgan Stanley downgraded Progressive to equal-weight from overweight and cut its price target to $290 from $330. Progressive shares were falling 2.8%.