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Sector Update: Financial Stocks Retreat Tuesday Afternoon

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Financial stocks were lower in Tuesday afternoon trading, with the NYSE Financial Index down 0.8% and the State Street Financial Select Sector SPDR ETF (XLF) falling 1%.

The Philadelphia Housing Index fell 2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.5%.

Bitcoin (BTC-USD) was declining 0.6% to $78,664, and the yield for 10-year US Treasuries was rising 1 basis point to 4.794%.

In corporate news, WaFd (WAFD) has agreed to combine with EverBank Financial in a reverse merger deal worth $3.9 billion. WaFd shares were down 5.6%.

Robinhood (HOOD) said it has entered into a multi-year partnership with OG.com, designating the prediction market platform as an infrastructure and clearing provider for its Prediction Markets offering. Robinhood shares were down 1.2%.

M&T Bank (MTB) is expected to repurchase about $2.9 billion of stock in 2027, above the current consensus estimate of $1.7 billion, Morgan Stanley said Tuesday in a report. The firm upgraded its rating on M&T stock to overweight from equal-weight and raised its price target to $304 from $253. M&T Bank shares added 0.1%.

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Sector Update: Financial Stocks Retreat Late Afternoon

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