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Sector Update: Financial

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Financial stocks were lower in late Tuesday afternoon trading, with the NYSE Financial Index decreasing 0.9% and the State Street Financial Select Sector SPDR ETF (XLF) falling 1.1%.

The Philadelphia Housing Index fell 2.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.3%.

Bitcoin (BTC-USD) was easing 0.2% to $78,436, and the yield for 10-year US Treasuries rose 2.2 basis points to 4.806%.

In corporate news, Pinnacle Financial Partners (PNFP) is positioned to grow faster than peers following its merger with Synovus Financial (SNV), helped by "strong banker hiring," high retention and a broader Southeast footprint, Morgan Stanley said in a note. Morgan Stanley started coverage of Pinnacle with an overweight rating and a $137 price target. Pinnacle shares added 0.4%.

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Ferrexpo (FXPO.L) said Monday it resumed production operations in Ukraine by restarting one pellet line.The restoration of Ukrainian operations follows the iron ore pellets producer's $100 million fundraiser on Sept. 4.The company added that it will focus on its exports to European clients amid the conflict in the Black Sea.

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Sector Update: Financial Stocks Retreat Late Afternoon

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