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Sector Update: Financial Stocks Advance in Afternoon Trading

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Financial stocks were advancing in Tuesday afternoon trading, with the NYSE Financial Index rising 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.4%.

The Philadelphia Housing Index was up 0.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.6%.

Bitcoin (BTC-USD) was gaining 3.8% to $64,643, and the yield for 10-year US Treasuries was decreasing 2.4 basis points to 4.585%.

In economic news, the US seasonally adjusted consumer price index fell by 0.4% in June, compared with expectations of a 0.1% decline in a survey compiled by Bloomberg and following a 0.5% increase in May, the Bureau of Labor Statistics said Tuesday. Core CPI, which excludes food and energy prices, held steady, compared to the consensus estimate of a 0.2% gain. Core CPI rose by 0.2% in May. The year-over-year rates for headline and core CPI slowed to 3.5% and 2.6%, respectively, from 4.2% and 2.9% in May.

In corporate news, Goldman Sachs' (GS) Q2 results topped Wall Street's estimates as a record performance in the global banking and markets business propelled its revenue growth. Goldman shares jumped past 7%.

JPMorgan Chase (JPM) reported Q2 results above market expectations on Tuesday, driven by higher investment banking fees and markets revenue. Its shares rose 1.9%.

Bank of America's (BAC) Q2 results beat Wall Street's estimates on Tuesday as increased client activity helped drive sharp gains in investment banking fees and trading revenue. Its shares climbed 1.7%.

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