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Sector Update: Financial Stocks Rise Tuesday Afternoon

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Financial stocks were advancing in Tuesday afternoon trading, with the NYSE Financial Index rising 1.3% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 1.4%.

The Philadelphia Housing Index was gaining 1.7%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.3%.

Bitcoin (BTC-USD) was declining 0.9% to $65,682, and the yield for 10-year US Treasuries was falling 4.1 basis points to 4.428%.

In economic news, US import prices jumped 1.9% in May, ahead of the 1% increase expected in a Bloomberg-compiled survey and following a 2.0% gain in April. Excluding a 13% surge in petroleum prices, import prices were up 0.8% from 0.5%, beating the 0.5% forecast. Export prices climbed 1.3% in May, above expectations for 0.9% and following a 3.5% jump in April.

The New York Federal Reserve's services index worsened to minus 10.1 in June from minus 5.8 in May. The index is the first services reading for June and suggests more widespread contraction.

Redbook US same-store sales jumped 9.4% from a year earlier in the week ended June 13, after surging 9.1% in the previous week. Seasonal categories such as air conditioners, fans, pool and beach equipment, swimwear, and other hot-weather apparel led the growth, according to Redbook.

In corporate news, L3Harris Technologies (LHX) has selected JPMorgan Chase (JPM) and Morgan Stanley (MS) to lead the IPO of its missile unit Axyv, Bloomberg reported. JPMorgan shares rose 3.6%, and Morgan Stanley added 1.2%.

Blackrock (BLK) is cutting about 200 jobs in its latest round of workforce reductions, Bloomberg reported. The layoffs, the fourth in 18 months, span investment, operations and technology roles, as well as positions within the firm's private financing unit, the report said. Blackrock shares advanced 1%.

Robinhood (HOOD) said it reduced its workforce by about 10% as part of efforts to maintain a high-performance culture, accelerate product development. Robinhood shares fell 2%.

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