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Sector Update: Financial Stocks Advance Late Afternoon

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Financial stocks were higher in late Tuesday afternoon trading, with the NYSE Financial Index rising 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) up 0.1%.

The Philadelphia Housing Index was down 0.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) eased 0.2%.

Bitcoin (BTC-USD) was adding 1.6% to $66,270, and the yield for 10-year US Treasuries rose 3 basis points to 4.628%.

In economic news, Redbook US same-store sales rose 7.8% from a year earlier in the week ended July 18 after an 8.2% year-over-year increase in the previous week.

The Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index rose to 7.4 in July from minus 25.8 in the previous month, indicating expansion in the sector.

In corporate news, Goldman Sachs (GS) has launched a new platform to expand its offerings for wealthy clients and family offices seeking direct stakes in fast-growing private companies, CNBC reported, citing a memo. The new group, called the alternative investments platform, combines Goldman's alternatives business with two new teams, the report said. Goldman shares were up 2.5%.

JPMorgan Chase (JPM) and Jefferies Financial (JEF) were among four banks chosen by InMobi to raise about $1 billion as part of an IPO process due to begin later this week, Bloomberg reported. JPMorgan shares rose 1.6%, and Jefferies added 2.6%.

Marsh & McLennan (MRSH) shares were up 0.2% after the firm reported higher Q2 adjusted net income and revenue.

MSCI (MSCI) shares fell past 10% after it reported Q2 adjusted EPS of $4.94, up from $4.17 a year earlier, but below the FactSet consensus of $4.99.

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