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Sector Update: Financial Stocks Higher Late Afternoon

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Financial stocks were advancing in late Tuesday afternoon trading, with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.3%.

The Philadelphia Housing Index was up 0.9%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.5%.

Bitcoin (BTC-USD) was gaining 3.6% to $64,499, 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, Switch, a data center operator, has hired Goldman Sachs (GS) and JPMorgan Chase (JPM) as lead underwriters for an IPO that could raise up to $10 billion as soon as Q4, valuing the company at roughly $80 billion, including debt, Reuters reported. Separately, Goldman's Q2 results topped Wall Street's estimates as a record performance in the global banking and markets business propelled its revenue growth. JPMorgan reported Q2 results above market expectations on Tuesday, driven by higher investment banking fees and markets revenue. Goldman shares rose past 8%, and JPMorgan added 2.3%.

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 2.1%.

Warren Buffett said Tuesday that his goal is to dispose of all of his Berkshire Hathaway (BRK.A, BRK.B) shares within roughly eight years. The statement came alongside an announcement that Buffett on Tuesday will convert 8,000 Berkshire Class A shares into 12 million Berkshire Class B shares that will be donated to four foundations. Berkshire Class A shares were down 0.6%, and the Class B shares were shedding 0.8%.

KKR (KKR) is one of several suitors to make a non-binding offer for Logoplaste, as the Portuguese packaging maker's majority shareholder works on a potential sale that could value it at about $1.94 billion, Bloomberg reported. Separately, Thomson Reuters (TRI) said Tuesday it has agreed to sell a 51% stake in its global print unit to KKR for roughly $500 million in a joint venture transaction expected to close in Q4. KKR shares were up 0.4%.

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