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Sector Update: Financial

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Financial stocks were advancing in Tuesday afternoon trading, with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) increasing 0.1%.

The Philadelphia Housing Index was adding 0.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.3%.

Bitcoin (BTC-USD) was dropping 5.2% to $67,610, and the yield for 10-year US Treasuries was decreasing 1.6 basis points to 4.459%.

In corporate news, SpaceX is in talks with the Wall Street bankers handling its IPO to pay less than 0.75% for the $75 billion it expects to raise from the IPO, Bloomberg reported. Even at that low spread, the banks, including Goldman Sachs (GS) and Morgan Stanley (MS), are expected to earn about $500 million from the offering, the report said. Goldman shares were up 1.9%, and Morgan Stanley climbed 2.5%.

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