Financial Stocks Advance, Housing Index Falls; Bitcoin (BTC) Gains 3% as 10-Year US Treasury Yield Jumps

cks 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.

Major stock indexes were trading in a narrow range Monday afternoon, following sharp gains last week, as investors awaited more economic data and the start of the second-half earnings season.

Here are the key headlines impacting financial markets on Monday, July 18:

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

Among financial stocks, Coinbase (COIN) shares soared nearly 5% after it said Monday that the US Marshals Service has picked its platform, known as Coinbase Prime, to protect and trade the agency's class 1 digital assets.

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

US manufacturing index falls to 48.5 in June: 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, with the new orders index dropping to 47.8 from 49.2 and the production index falling to 48.5 from 49.6.

US construction spending down 0.1% in May: 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.

S&P Global US manufacturing index revised down to 51.6: 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.

US president has ‘presumptive’ immunity from prosecution: 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.

The high court said that a sitting president's immunity from federal criminal prosecution derives from the "uniqueness of the presidential office" and the "public interest" in ensuring that the president can "faithfully execute the duties of the office without fear of harassment."

The court, however, unanimously rejected Trump's claim that he is absolutely immune from state criminal prosecutions, and it declined to rule on whether a state could pursue civil claims against a sitting president.

The Justices also declined to address Trump's separate claim that the Espionage Act, under which he was charged, is unconstitutional as applied to the handling of presidential documents.

Trump faces separate state and federal probes into his efforts to overturn the 2020 election, as well as a Justice Department investigation into his handling of classified documents.

Now read: Economic Calendar for the Week Ahead: More US Economic Data, Start of Q2 Earnings

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