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Sector Update: Financial Stocks Rise Late Afternoon

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Financial stocks rose in late Tuesday afternoon trading with the NYSE Financial Index advancing 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) gaining 1.1%.

The Philadelphia Housing Index climbed 1.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 1.1%.

Bitcoin (BTC-USD) increased 0.1% to $63,726, and the yield for 10-year US Treasuries fell 3.7 basis points to 4.604%.

In economic news, the Conference Board's measure of consumer confidence decreased to 90.8 in July from 92.2 in June, below the 92.4 expected in a Bloomberg-compiled survey.

The Case-Shiller National Home Price Index rose 0.6% in May, after a 0.8% increase in April, before seasonal adjustment. National home prices were up 1.1% year-over-year, up from 0.9% in April.

In corporate news, Visa (V) plans to trim around 2,600 jobs as part of CEO Ryan McInerney's plan to streamline operations. The cuts, representing 7% of its workforce, will mainly affect technology and product teams. Visa shares rose 1.9%.

PayPal (PYPL) raised its full-year adjusted earnings guidance after reporting Q2 results above consensus estimates. Its shares gained 4.5%.

Brookfield Asset Management (BAM) plans to focus renewable energy investments in India on states with stronger power grids as transmission constraints limit wind and solar generation elsewhere, Bloomberg reported Tuesday. Brookfield shares added 0.9%.

State Street (STT) said Tuesday it reached a preliminary deal to buy a securities services joint venture operating in Brazil, Mexico, and Colombia from Santander (SAN) and Caceis. The targeted business manages about $470 billion in assets under custody alongside $225 billion in assets under administration, the company said. State Street shares were down 1.1%, and Santander was shedding 0.2%.

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