03:21 PM EDT, 07/07/2025 (MT Newswires) -- Financial stocks were decreasing in late Monday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each shedding 1.2%.

The Philadelphia Housing Index was falling 1.4%, and the Real Estate Select Sector SPDR Fund (XLRE) was retreating 0.9%.

Bitcoin (BTC-USD) was down 0.3% at $108,201, and the yield for 10-year US Treasuries was rising nearly 5 basis points to 4.40%.

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, Blackstone (BX) is exploring a potential joint bid for French telecom operator SFR in a deal valued at up to 30 billion euros ($35.09 billion), including debt, Bloomberg reported Monday. Blackstone shares were shedding 1.8%.