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Sector Update: Financial Stocks Rise Late Afternoon

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Financial stocks were higher in late Tuesday afternoon trading, with the NYSE Financial Index rising 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) adding 1%.

The Philadelphia Housing Index was climbing 2.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was 0.1% lower.

Bitcoin (BTC-USD) was increasing 1.2% to $64,233, and the yield for 10-year US Treasuries fell 5.9 basis points to 4.627%.

In sector news, Polymarket is seeking new investment at a valuation of more than $20 billion, Bloomberg reported. The prediction-markets platform is in early discussions with prospective investors to raise about $1 billion, the report said.

In corporate news, JPMorgan Chase's (JPM) asset management unit is nearing a deal to buy Idex from Antin Infrastructure Partners in a deal that would value the French heating and cooling network operator at about 3.8 billion euros ($4.4 billion), including debt, Bloomberg reported. JPMorgan shares rose 1.5%.

Blackstone (BX) has held early talks with investors to assess their interest in a second massive debt package to finance Anthropic's use of chips from Alphabet's (GOOGL) Google, Bloomberg reported. Blackstone shares added 1.8%.

Jefferies Financial (JEF) was told that some of the invoices backing its financing to Sapphire Minmetals are not genuine, Bloomberg reported. The discovery came after Jefferies checked the authenticity of the invoices with Vitol Group and marks another setback for its Point Bonita fund, the report said. Jefferies shares were up 1.1%.

Apollo Global Management (APO) shares were up 2.4% following its Q2 results.

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Sector Update: Financial Stocks Advance Late Afternoon

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