02:06 PM EDT, 08/13/2025 (MT Newswires) -- Financial stocks advanced in Wednesday afternoon trading, with the NYSE Financial Index up 0.2% and the Financial Select Sector SPDR Fund (XLF) adding 0.1%.

The Philadelphia Housing Index climbed 3.2%, and the Real Estate Select Sector SPDR Fund (XLRE) was little changed.

Bitcoin (BTC-USD) rose 1.4% to $121,763, and the yield for 10-year US Treasuries dropped 5.8 basis points to 4.24%.

In economic news, the odds of a 25-basis-point cut in September for the Federal Reserve's key rate rose to 99.9% as of Wednesday afternoon versus 94% a day ago, according to the CME FedWatch Tool. The likelihood stood at 57% a month ago.

Mortgage applications in the US increased last week as lower 30-year rates on conforming loans spurred refinancing activity to the strongest week since April, according to the Mortgage Bankers Association. The market composite index, which measures loan application volume, rose 11% on a seasonally adjusted basis for the week ended Friday, following a 3.1% increase the previous week.

In corporate news, Marex ( MRX ) refuted claims by Ningi Research that the company had off balance sheet entities. Marex ( MRX ) also reported Q2 earnings and revenue that rose more than expected by analysts. The stock gained 1.8%.

Dave ( DAVE ) shares jumped past 8% after the firm said its board has expanded its stock repurchase plan to $125 million.

KKR (KKR) is leading a private credit deal worth about $3 billion for Thoma Bravo's Flexera Software unit, Bloomberg reported. Separately, KKR will kick off a sales process for Viridor in September that could value the UK recycling group at 7 billion British pounds ($9.5 billion), including debt, the Financial Times reported. KKR shares were down 1.2%.