Sector Update: Financial Stocks Lower Tuesday Afternoon
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%.