Sector Update: Financial Stocks Retreat Tuesday Afternoon
Financial stocks were declining in Tuesday afternoon trading, with the NYSE Financial Index decreasing 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) off 0.4%.The Philadelphia Housing Index was adding 0.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1.8%.Bitcoin (BTC-USD) was decreasing 0.9% to $75,117, and the yield for 10-year US Treasuries was rising 5 basis points to 4.30%.In economic news, US retail sales rose 1.7% in March, above the 1.4% increase expected in a Bloomberg-compiled survey and following the previous month's revised 0.7% gain. Removing both motor vehicles and a 15.5% surge in gasoline station sales, retail sales were up 0.6% in March, the same as in February.In corporate news, Coinbase (COIN) and Gemini Titan have been sued by New York Attorney General Letitia James for allegedly violating the state laws against against illegal gambling with their prediction markets, Reuters reported, citing complaints filed in a state court in Manhattan. Coinbase shares fell past 6%.Washington Trust Bancorp (WASH) reported late Monday a year-over-year decline in Q1 revenue that also trailed analysts' estimates. Its shares tumbled 15%.Barclays (BCS) is facing scrutiny from UK regulators over its use of significant risk transfer, or SRT, transactions, Bloomberg reported. The review, known as a Section 166 probe, has been requested by the Prudential Regulation Authority, the supervisory arm of the Bank of England, the report said. Barclays shares fell 2.4%.