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Sector Update: Financial Stocks Lower Tuesday Afternoon

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Financial stocks were softer in Tuesday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each decreasing about 0.2%.

The Philadelphia Housing Index was shedding 0.7%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1.3%.

Bitcoin (BTC-USD) dropped 2.9% to $58,402, and the yield for 10-year US Treasuries was rising 3.2 basis points to 4.406%.

In economic news, US job openings rose to 7.594 million in May, according to the Bureau of Labor Statistics, above the 7.296 million openings expected in a Bloomberg-compiled survey and up from the 7.585 million openings reported in April.

The Conference Board's measure of consumer confidence rose to 91.2 in June from a downwardly revised 90.6 in May, below the 94.4 expected in a Bloomberg-compiled poll.

The Institute for Supply Management's Chicago PMI fell to 56.7 in June from 62.7 in May, compared with the expected 55.1 reading in a Bloomberg-compiled survey.

The Dallas Federal Reserve's monthly general business services index rose to a reading of 2.9 in June from minus 7.7 in May, indicating expansion.

In corporate news, Helix Infrastructure Partners, a new AI infrastructure firm backed by KKR (KKR) and Nvidia (NVDA), is looking to buy a data center company in an effort to quickly bring new data center space to hyperscalers, The Information reported. KKR shares rose 1.6%.

Ares Management (ARES) and Alibaba (BABA) co-founder Joe Tsai led a $100 million investment in the Premier Lacrosse League, valuing the league at more than $500 million, Bloomberg reported. Ares shares rose 2%.

Deutsche Bank (DB) said Tuesday it has agreed to sell its retail banking, private banking and wealth management business in India to Kotak Mahindra Bank. Deutsche shares were down 0.8%.

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